Standard Bank and AVI have announced they will list on new South African stock exchange A2X.
Standard Bank Group ordinary shares and second preference shares have been approved for a secondary listing on A2X Markets and will be available for trade from Thursday, 15 November, A2X said in a statement.
The bank will retain its primary listings on the JSE and the issued share capital will be unaffected by its secondary listings on A2X.
There is no cost or additional regulatory compliance for Standard Bank or AVI as a result of the secondary listings.
“We have listened to our institutional investors, who have called for these secondary listings, which will offer enhanced choice to investors to trade through A2X’s platform and which demonstrate our support for the deepening and broadening of financial markets,” said the bank’s financial director, Arno Daehnke.
AVI, a fast-moving consumer goods company, will also list on A2X on 15 November. It, too, will retain its primary listing on the JSE. It is the first FMCG company to list on the new bourse.
A2X began trading on 6 October 2017. The AVI and Standard Bank deals will bring to 13 the number of companies listed. Together, they have a market capitalisation of over R520-billion. “Our pipeline of issuers remains healthy and trade on our platform is growing sharply as the industry adapts to the having a lower-cost alternative platform for trade,” said A2X CEO Kevin Brady.
A2X is a licensed stock exchange thatprovides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority (formerly the Financial Services Board) and the Prudential Authority (the South African Reserve Bank). — © 2018 NewsCentral Media