March 4, 2008 / 1:37 PM / 10 years ago

Chile's Soquimich adjusts ADR ratios

SANTIAGO, March 4 (Reuters) - Chile’s Soquimich (SQM), a top fertilizer exporter and the world’s largest producer of lithium and iodine, plans to delist its series A ADRs from the New York Stock Exchange, it said in a statement late on Monday.

The Santiago-based company also said its board approved a modification of the ratio of ordinary shares to series B ADRs from the current ratio of 10:1 to a new ratio of 1:1.

“By carrying out the ratio change, SQM hopes to improve liquidity in the series B ADRs and make the company accessible to the broadest investment community,” SQM said in the statement.

SQM SQM_pb.SN (SQM.N) said last week its net profit rose 27.4 percent last year compared with 2006, to $180 million from $141.2 million, amid booming markets for its products.

Iodine is used in x-ray contrast media, biocides, and pharmaceuticals. Lithium is used in chemical industries and for the production of lithium batteries, among other uses.

SQM is controlled by Chile’s Julio Ponce and Norway’s Yara International ASA (YAR.OL), which hold the majority of voting shares, and Canada’s Potash Corp of Saskatchewan Inc (POT.TO).

SQM has commercial offices in 20 countries worldwide. (Reporting by Pav Jordan, editing by Dave Zimmerman)

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