4Africa Exchange (4AX), a rival stock exchange to the JSE launched in 2017, is relocating from Johannesburg to Cape Town, will be rebranded as the Cape Town Stock Exchange and will position itself as the “Nasdaq of Africa”.
This is according to a report in Business Day (pay wall) on Friday, which said the name change will be effective from 1 October.
The Cape Town region, including surrounding towns such as Stellenbosch, is increasingly seen as a technology hub and ground zero for South African tech start-ups.
Business Day said 4Ax is relocating to the suburb of Woodstock in Cape Town. The publication quoted CEO Eugene Booysen as saying that the exchange believes new listings possibilities have a combined potential market value of R2-trillion.
He said the Cape Town Stock Exchange will specifically target technology companies from across South African and Africa, emulating the tech-heavy profile of the Nasdaq in New York. – © 2021 NewsCentral Media