Mexican Glass Maker Vitro To End ADR Program In August

MEXICO CITY -(Dow Jones)- Mexican glass maker Vitro SAB (VTO) said Monday that it will terminate its American depositary receipt program on the New York Stock Exchange in August.
 
In a filing with the Mexican Stock Exchange, the company attributed its decision to the high cost of the ADR program, the low trading volume of its shares in the U.S., and its intention to boost trading volume in Mexico.
 
Vitro said it has notified Bank of New York Mellon Corp. (BK), the depositary bank of its ADR program, that it will end the program and delist its shares from the NYSE on August 24.
 
Vitro, which suffered heavy financial and derivatives losses in 2008, defaulted on debt earlier this year and is in negotiations with creditors.
 
The company's local A shares fell 3.3% to close Monday at 6.15 pesos ($0.46) amid a broad market sell-off.