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Cape Town - Absa Group [JSE:ASA] announced on Thursday that the NewGold exchange-traded fund (ETF) will list on the Stock Exchange of Mauritius (SEM) on July 26.
The SEM listing will mark the fifth exchange NewGold is listed on after South Africa, Botswana, Nigeria and Ghana.
NewGold, Africa’s largest ETF, is a simple and cost-efficient method of investing directly in physical gold bullion.
Launched in South Africa in 2004, NewGold was listed in Botswana in 2010, Nigeria the following year and in Ghana in 2012. Listings are also in the pipeline for Zambia and Uganda, in line with the Absa’s strategy to expand its suite of products and services across African markets.
The NewGold ETF securities are structured as debentures and backed by physical gold, with each debenture representing about 1/100th of an ounce gold.
The physical bullion is held in a secure stockpile in London by NewGold’s custodian, Barclays Bank.
NewGold allows investors to enjoy direct and convenient exposure to gold bullion without having to incur the cost of custody and insurance. Instead, they are able to take advantage of the lower custody and insurance costs charged as a result of the economies of scale associated with the fund.
Investors can invest in the NewGold ETF through an investment dealer or broker, who is a member of the SEM, in the same manner as if they were investing in shares.
The SEM listing will mark the fifth exchange NewGold is listed on after South Africa, Botswana, Nigeria and Ghana.
NewGold, Africa’s largest ETF, is a simple and cost-efficient method of investing directly in physical gold bullion.
Launched in South Africa in 2004, NewGold was listed in Botswana in 2010, Nigeria the following year and in Ghana in 2012. Listings are also in the pipeline for Zambia and Uganda, in line with the Absa’s strategy to expand its suite of products and services across African markets.
The NewGold ETF securities are structured as debentures and backed by physical gold, with each debenture representing about 1/100th of an ounce gold.
The physical bullion is held in a secure stockpile in London by NewGold’s custodian, Barclays Bank.
NewGold allows investors to enjoy direct and convenient exposure to gold bullion without having to incur the cost of custody and insurance. Instead, they are able to take advantage of the lower custody and insurance costs charged as a result of the economies of scale associated with the fund.
Investors can invest in the NewGold ETF through an investment dealer or broker, who is a member of the SEM, in the same manner as if they were investing in shares.
