What Does NOrd (“–N”) Mean on the JSE?

By Gary Kennedy
November 20, 2025

If you scan JSE instrument lists, broker CSV files, or pricing feeds, you may notice that some shares end with “-N” in their short name.
This isn’t a typo or data issue — the “-N” suffix indicates a specific, legacy class of reduced-vote ordinary shares known as N Ordinary shares, or NOrd.

On the Johannesburg Stock Exchange, an NOrd share is an ordinary share that carries reduced voting rights compared with the company’s main ordinary share class.

Economically, NOrd shares are the same as ordinary shares — they participate equally in dividends and capital — but they have minimal or zero voting rights.
The “-N” designation reflects this reduced-vote status.

The 1999 Rule Change

In 1999, the JSE amended its Listings Requirements to stop the creation of new reduced-vote (“N”) ordinary share classes.
Companies that already had NOrd structures before 1999 were allowed to keep them, but no new NOrd classes may be introduced.

This is why NOrd shares now form a small, legacy group within the JSE universe.

Examples of NOrd Shares on the JSE

These N Ordinary (“-N”) share classes still appear in current JSE security data:

1. African & Overseas Enterprises

NOrd: AON – African & Over Ent Ltd -N

2. Brimstone Investment Corporation

NOrd: BRN – Brimstone Inv Corp Ltd-N

3. eMedia Holdings

NOrd: EMN – E Media Holdings Ltd -N-

4. Naspers

NOrd (listed): NPN – Naspers Ltd -N-
(Its higher-vote A ordinary shares are unlisted.)

5. Rex Trueform Group

NOrd: RTN – Rex Trueform Group -N-

Note on Dual-Class Structures

The JSE’s 1999 restriction applies specifically to creating new classes of ordinary shares with reduced voting rights (NOrd).
It does not prohibit companies from having dual-class structures where another class has enhanced or “super-voting” rights.

For example, companies such as Remgro and Richemont have arrangements where the listed ordinary shares carry full voting rights, while a separate class (often unlisted) carries more votes per share. These are dual-class structures, but they are not NOrd.