Friday , May 14 2021

Very good for 13 months: the A2X has 13 entries in 13 months



Standard Bank's move to A2X follows FMCG AVI's move, which announced its sub-list earlier in the day. Photo Archive: IOL

DURBAN – Standard Bank and AVI listed in JSE are the latest companies that announce sub-lists to A2X.

The A2X, set up last October, has managed to attract 13 companies in the past 13 months.

A2X CEO Kevin Brady said: "We welcome Standard 2's list of Standard and Secondary Preferred Shares in A2X and look forward to demonstrating the benefits that they will offer to their investors as well as the overall development and evolution of local capital markets."

Other well-established companies with secondary listings include Sanlam, Ascendis Health, Sygnia, Growthpoint Properties, Peregrine Holdings, Corruption Fund Managers, and African Rainbow Capital Investments. companies listed on AX2 have a combined market capitalization of more than R520billion.

A2X has nine approved brokers, representing more than 50% of total local stock market activity.

Standard Bank financial manager Arno Daehnke said the group thanked the release of its securities for trading on A2X via secondary subscriptions that complement its main JSE listings.

"We have listened to our institutional investors who have called for these sub-lists, which will offer a stronger choice for investors to trade through the A2X platform and demonstrate our support for deepening and widening financial markets," said Daehnke.

Standard Secondary Shares will start trading on A2X on November 15th and the bank will maintain its core listing on JSE.

The issued share capital will not be affected by its secondary listing on A2X.

Standard Bank has market capitalization of R289.49bn and its introduction makes it the most valuable company to participate in the A2X markets.

Standard Bank's move to A2X follows the move of the Fast Moving Consumer Goods (FMCG) AVI, which announced its sub-list earlier in the day. AVI has a market capitalization of R37.78b and is made up of a range of food categories including personal care, fashion and accessories.

AVI, which has more than 50 brands in its portfolio, will also retain its primary introduction to the JSE. AVI shares will also be available for trading on A2X from November 15. A2X is a licensed stock exchange that provides a secondary trading venue for companies.

BUSINESS REPORT


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