Johannesburg - Nedbank, a subsidiary of Nedcor (NED), announced on Tuesday that the JSE Securities Exchange South Africa has granted approval for the listing of 50 000 000 preference shares with effect from the commencement of trading on 19 November.
The shares will be listed in the Specialist Securities - "Preference Shares" sector of the JSE lists under the abbreviated name "Nedbank-P".
In a statement Nedbank said it sought to increase its primary capital through the issue of a further tranche of its non-redeemable non-cumulative preference shares of a par value of R0,001 each. It believes that the new preference shares represent an attractive alternative investment opportunity for the broader investment community.