All financial transactions are effected in commercial rand, which are freely transferable.


US citizens hold many of their investments in American Depository Receipt (ADR) form whereby the underlying shares are held in custodianship by a US bank through a nominee account in a South African bank. A directly substitutable ADR is issued for the South African shares it represents. ADR holders qualify for exactly the same voting rights, dividends and accruals as do the underlying shares. The US ADR issuing bank, however, collects all dividends and makes payment in US dollars to holders, as well as maintaining an ADR register of all trading that occurs in such receipts. Due to their convenience and tradeability, ADR's are also held and traded by non-US citizens.

New forms of deposit receipts such as GDR's (global deposit receipts) are being introduced into the market.

In some circumstances South African companies may maintain a separate London register. Where South African shares are traded in London, UK-based transfer secretaries may register such transactions on the London share register which covers a high proportion of transactions by UK and European investors. "Sicovam" covers registrations for French investors and "Soges" for Belgian investors.

Foreign investors may be listed on the South African "Cape" register where the shares could be held physically by either the investor or by a South African custodian.

JSE members offer custodian services to foreign investors and clients.


Internet :

Johannesburg Stock Exchange * Public Relations Department
17 Diagonal Street * Johannesburg 2001 * Telephone 27 11 377 2200
P O Box 1174 * Johannesburg 2000 * Telefax 27 11 834 7402