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."