[South Africa] AVI to list on A2X
South African fast-moving consumer goods group AVI Limited (Code: AVI) is to become the first FMCG company to list on A2X. AVI shares will be available for trade on A2X from 15 November 2018.
AVI is the twelfth company to list on A2X and has a market cap of almost R40 billion with a portfolio including more than 50 brands. AVI retains its primary listing on the Johannesburg Stock Exchange and the issued share capital will be unaffected by its secondary listing on A2X. There is no cost or additional regulatory compliance for AVI as a result of its secondary listing. The announcement comes on the same day that Standard Bank Group has announced its listings on A2X.
A2X CEO, Kevin Brady says, “AVI is home to many of South Africa’s leading and best-loved brands spanning a range of categories from food, to personal care, fashion and accessories. 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. We are delighted to welcome AVI to our platform and look forward to demonstrating the benefits that effective competition in the secondary share market will bring to AVI’s investors as well as to the growth of the overall market..”
A2X began trading on 6 October 2017. “A year on, we have twelve listed companies and nine leading brokers that account for over 50% of the market activity in South Africa. Our pipeline of issuers remains healthy and trade on our platform is growing sharply as the industry adapts to the having a lower cost alternative platform for trade,” said Brady.
A2X is a licensed stock exchange which provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority (formerly the Financial Services Board) and the Prudential Authority (South African Reserve Bank).