BNY Mellon has been as the depositary bank for Mr Price Groups sponsored depositary receipt program. Previously, Mr Price Group, a South African value retailer of apparel, homeware and sportswear, traded as an unsponsored DR program.
The group has 937 stores in Southern Africa and 24 franchised stores in Africa, operating apparel stores under the brands Mr Price Apparel, Mr Price Sport, and Miladys, as well as home products stores under the Mr Price Home and Sheet Street brands.
Out of the Johannesburg Stock Exchanges top 40 constituents list, 36 have DR programs. Mr Price Group is the second South African company to appoint BNY Mellon as a depositary in the last month, after their June deal with hotel, resort and gambling chain Sun International.
“We are delighted to partner with BNY Mellon in establishing a sponsored DR program and to be traded on the U.S. OTC market,” says Mark Blair, CFO of Mr Price Group. “As we expand our growth into key markets outside of South Africa, the DR program is an exciting new source of potential investors.”
“We look forward to helping Mr Price Group unlock the potential of the U.S. investment community,” says Michael Cole-Fontayn, chief executive officer of BNY Mellon’s Depositary Receipts business. “As the world’s leading depositary, BNY Mellon will utilize its many resources to develop a mutually beneficial partnership with the company and its investors.”
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