BNY Mellon Appointed as Depositary Bank by Mr Price Group

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Jul 03, 2012, 07:35 ET

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