BNY Mellon will be the depositary bank for South African hotel and resort company Sun Internationals American depository receipt (ADR) program.
Each Sun International ADR represents one share on the U.S. OTC market under the symbol SVUVY.
Sun International, which is based in Sandton, South Africa, manages hotels, resorts and gambling businesses in Africa and South America.
Among the Johannesburg Stock Exchange Top 40 constituents by market cap, 22 have a sponsored DR program, and BNY Mellon is the depositary of 16 of them.
“We are delighted to partner with BNY Mellon in establishing a Sun International ADR program and to be traded on the U.S. OTC market,” says Rob Becker, CFO of Sun International. “This is a key initiative in building offshore market awareness of Sun International as we look to grow our business in international markets and facilitate a new source of potential investors in our company.”
“By establishing its new DR program, Sun International has confirmed its commitment to attracting greater investment from the U.S. market,” says Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business. “We look forward to supporting management’s efforts to build a successful and liquid program and enhance Sun International visibility with the global investor community.”
(OS)