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Standard Bank announces secondary listing on JSE competitor

Nov 08 2018 11:32
Lameez Omarjee, Fin24

The Standard Bank Group [JSE:SBK] announced in a shareholder notice on Thursday its secondary listing on A2X.

The group's ordinary and second preference shares have been approved for inclusion on A2X with effect from November 15, 2018, the notice read.

The A2X is a licensed stock exchange which provides a secondary listing venue for companies. It launched in October 2017.

The secondary listing will not affect the group's primary listing on the JSE, and its issued share capital will not be affected, the bank said. 

"Standard Bank is pleased to be making its securities available for trading on A2X through a secondary listing that complements our primary listing on the JSE. We have listened to our institutional investors, who have called for this secondary listing, which will offer," said Arno Daehnke, Standard Bank Group's financial director, in a statement. 

The listing on A2X supports a bigger goal of "deepening and broadening" financial markets, he added. 

The Standard Bank listing will increase the number of securities available on the A2X to 13 with a market capitalisation of over R520bn, A2X’s CEO, Kevin Brady said. 

AVI listing

Fast-moving consumer goods group AVI Limited [JSE:AVI] also announced its listing on A2X, with shares available for trade form November 15. AVI is the first FMCG group on the exchange.

"As the first FMCG company to list on A2X, we view its imminent listing as an important milestone as we attract listed companies from various sectors," said Brady.

Other securities listed on A2X include financial service provider Sanlam, asset manager Sygnia and pharmaceutical giant Ascendis Health. 

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