Certificates that are issued by a bank of US origin and traded in the U.S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security’s country of origin. Many JSE-listed companies have ADRs which are trading in America. Good examples are Bidvest, Discovery and Harmony. This obviously increases the awareness of their companies and provides a larger investing public for them. Of course, listing an ADR makes the company subject to American law – as Naspers has recently experienced with the US investigation launched in 2017 of its South African subsidiary Multichoice.

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