Gold mining specialist Harmony is the first South African company to dual list its ADRs on the NASDAQ National Market and the NYSE.
The stock began trading on the NASDAQ National Market on 29 November 2005.
"We are very pleased Harmony has decided to take advantage of NASDAQ's dual listing initiative," says Bruce Aust, Executive Vice President, Head of NASDAQ's Corporate Client Group. "A leader in its industry, Harmony will be able to experience the benefits of an electronic model, with access to highly efficient trading in a highly transparent and competitive market."
Bernard Swanepoel, CEO of Harmony adds: "We were impressed by the efficient process of listing on NASDAQ and we are proud to be the first company outside the Americas to be dual listed. With more than 40 per cent of our stock being traded in North America, we are delighted to offer our shareholders an alternative platform to trade the stock."
Harmony Gold Mining Company Limited, is engaged in gold and related mining operations in South Africa, Australia and Papua New Guinea, producing approximately 2.9 million ounces per annum. The company has been successful in its strategy of growth through acquisitions and has emerged as one of the top gold producers in the world and the third largest in South Africa. Harmony is currently building five mines in South Africa and another in Papua New Guinea, which results in the company increasing the quality and size of its production base.
NASDAQ is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, materials, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks.
NASDAQ's dual listing initiative was launched in January 2004. Companies that dual list on NASDAQ have to meet the National Market listing standards. Firms listing on NASDAQ as well as the NYSE will trade under the same three-letter symbol on both markets.
There are now 8 dual listed companies:
Harmony (NYSE: HMY)
Apache Corporation (NYSE: APA)
The Charles Schwab Corporation (NYSE: CDN)
Hewlett-Packard (NYSE: HPQ)
Walgreens (NYSE: WAG)
American Financial Group (NYSE: AFG)
Chicago Mercantile Exchange Holdings Inc (NYSE: CME)
Nuveen Investments (NYSE: JNC)
For more information on single manager funds, please click here