NEW YORK, July 3, 2012 /PRNewswire/ -- BNY Mellon, the
global leader in investment management and investment services, has
been appointed by Mr Price Group as the depositary bank for its
sponsored depositary receipt (DR) program. Previously, Mr
Price Group traded as an unsponsored DR program. Each Mr
Price Group DR represents one ordinary share and trades on the OTC
market in the U.S. under the symbol "MRPLY." Mr Price Group's
ordinary shares trade on the Johannesburg Stock Exchange (JSE)
under the symbol "MPC."
Headquartered in Durban, South
Africa, Mr Price Group is a fashion value retailer of
apparel, homeware and sportswear. The company operates
apparel stores under the Mr Price Apparel, Mr Price Sport, and
Miladys brands; and home products stores under the Mr Price Home
and Sheet Street brands. It operates 937 stores in
Southern Africa and 24 franchised
stores in Africa.
"We are delighted to partner with BNY Mellon in establishing a
sponsored DR program and to be traded on the U.S. OTC market," said
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."
Currently, 36 of the Johannesburg Stock Exchange 'Top 40'
constituents, by market cap, have a DR program. BNY Mellon is
depositary for 30 of those. Mr Price Group is the second
appointment of BNY Mellon as depositary by a South African company
in the last month.
"We look forward to helping Mr Price Group unlock the potential
of the U.S. investment community," said 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."
BNY Mellon acts as depositary for more than 2,500 American and
global depositary receipt programs, acting in partnership with
leading companies from 65 countries. BNY Mellon is committed
to helping securities issuers access the world's rapidly evolving
financial markets and delivers a comprehensive suite of depositary
receipt services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on
helping clients manage and service their financial assets,
operating in 36 countries and serving more than 100 markets.
BNY Mellon is a leading provider of financial services for
institutions, corporations and high-net-worth individuals, offering
superior investment management and investment services through a
worldwide client-focused team. It has $26.6 trillion in assets under custody and
administration and $1.3 trillion in
assets under management, services $11.9
trillion in outstanding debt and processes global payments
averaging $1.4 trillion per
day. BNY Mellon is the corporate brand of The Bank of New
York Mellon Corporation (NYSE: BK). Learn more at
www.bnymellon.com or follow us on Twitter@BNYMellon.
This release is for informational purposes only. BNY Mellon
provides no advice nor recommendation or endorsement with respect
to any company or securities. Nothing herein shall be deemed to
constitute an offer to sell or a solicitation of an offer to buy
securities. Depositary Receipts: Not FDIC, State or Federal Agency
Insured; May Lose Value; No Bank, State or Federal Agency
Guarantee.
SOURCE BNY Mellon