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Johannesburg - Sirius Real Estate Limited [SRE] listed on the JSE’s AltX board in the ‘Real Estate Holding & Development’ sector on Friday.
This is the JSE’s first fast-track listing since the exchange introduced the process as part of its amendment to Listing Requirements in October this year.
Sirius has its primary listing on London Stock Exchange’s Alternative Investment Market (“AIM”) and this is its secondary listing. A fast track listing allows international companies, such as Sirius who have been admitted to other major stock exchanges for a period of at least 18 months to secondary list on the local bourse.
The exchanges accredited by the JSE for the fast track listing process are the Australia Stock Exchange; London Stock Exchange; New York Stock Exchange (NYSE) and NYSE Euronext; and the Toronto Stock Exchange.
Flexible workspace
Sirius is a leading operator and owner of multi-tenant, mixed-use, branded business parks and industrial complexes across Germany. Each business park offers conventional and flexible workspace and services for small and medium sized enterprises.
The chief executive of Sirius, Andrew Coombs, said: "South African investors now represent nearly half of our investor base and we feel that Sirius is truly dual listed.”
“The option to make use of the fast track process was an important factor in deciding to go forward with it as it meant we could complete it quickly and cost-effectively.
“The €40m capital raise alongside the listing will support our proposed acquisition of five new business parks and looking ahead we look forward to reporting further progress to our expanded international shareholder base,” Coombs said.
Secondary listing
Donna Oosthuyse, the director of Capital Markets at the JSE explains that companies listed on one of these four specified exchanges, and making use of the JSE fast-track process, are required to produce a pre-listing announcement, rather than a full pre-listing statement.
“We know that these companies are already listed on exchanges with high regulatory standards. We're familiar and comfortable with the regulations of the exchanges. For this reason, we are able to offer companies listed on these exchanges a way to fast-track a listing on the JSE which means the time taken to attain a secondary listing on the JSE is significantly reduced.
"It also means lower costs as a second round of duplicated administrative requirements has been eliminated by the fast track facility.”
Sirius is the 19th company to list on the JSE and the 6th to list on AltX; and the 5th real estate company to join the JSE this year and is the 8th real estate property company listed on the AltX board.
