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OSAKA, JAPAN -Matsushita Electric Industrial Co. Ltd. has made a ratio change in its America Depositary Receipt program.
The ratio has been changed from 10 shares of Matsushita's common stock per one American Depositary Share (ADS) to one share of common stock per ADS. As a result, one ADS, which previously represented 10 shares of common stock in Matsushita, now represents one share of common stock.
The ratio change, in the form of a 10-for-one ADS split, is intended to provide U.S. investors, particularly individuals, with the convenience of purchasing Matsushita's American Depositary Shares at a substantially lower price per share.
The company expects the change to help strengthen its foreign shareholder base and increase the number of U.S. ADS holders to better correspond with its international business presence.
In 1970, Matsushita began issuing sponsored depositary shares in the United States, and in 1971, it was one of the first Japanese companies to have American Depositary Shares listed on the New York Stock Exchange.