South Africa-based Sun International has appointed BNY Mellon as the depositary bank for its American depositary receipt (ADR) programme.
Each Sun International ADR represents one ordinary share and trades on the OTC market in the US.
Sun International invests in and manages businesses in the hotel, resort and gaming industries. It focuses on the development, management and operation of hotels, resorts and casinos in South Africa, other parts of Africa, and South America.
Rob Becker, the CFO of Sun International, said: “We are delighted to partner with BNY Mellon in establishing a Sun International ADR programme and to be traded on the US OTC market. 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 [ADR programme], Sun International has confirmed its commitment to attracting greater investment from the US market,” said Michael Cole-Fontayn, the CEO of BNY Mellon's depositary receipts business.
