Shoprite launches ADR programme
Retailer Shoprite Holdings (SHP) has launched a sponsored American depository receipt (ADR) programme on the US over-the-counter market through Bank of New York Mellon‚ the company said on Thursday, 5 December 2013.
Each depository receipt in the ADR programme represented one ordinary share in Shoprite Holdings and traded under the symbol SRGHY.
Shoprite said it had a growing international ownership base‚ which over the past five years had grown to more than 50% of the total shareholder base‚ with US investors representing about 62% of these international investors - the largest investor base by country.
Shoprite said it hoped the ADR programme would make investing in the company accessible to more international investors‚ particularly US investors.