[South Africa] Discovery announces secondary listing on A2X
Discovery Limited (Discovery) has been approved for a secondary listing on A2X Markets (A2X) and its shares will be available for trade on A2X from 4 July 2022.
Discovery will retain its primary listing on the Johannesburg Stock Exchange (JSE) and its issued share capital will be unaffected by its secondary listing on A2X.
Discovery is a shared value financial services company whose purpose and ambition are achieved through a pioneering business model that incentivises people to be healthier, and enhances and protects their lives. This unique approach has underpinned their success globally, with substantial new business growth and an impressive increase in normalised operating profit and headline earnings.
A2X CEO Kevin Brady said: “Since its inception 30 years ago Discovery has become the undisputed shared-value insurance market-leader and we are delighted to welcome them to our market next week.”
Discovery’s secondary listing on A2X will provide its investors with the benefit of an additional platform on which to trade the company’s shares, added liquidity, lower exchange fees and narrower spreads.
The listing will bring the number of instruments available for trade on A2X to 69 with a combined market capitalisation of around R4.5 trillion. Discovery joins other JSE Top40 Index constituents, AngloGold Ashanti, Aspen, Exxaro, Growthpoint, Implats, Investec Ltd and Investec plc, Mr Price, Naspers, Nedbank, Nepi Rockcastle, Prosus, Remgro, Sanlam, Sasol and Standard Bank on the A2X exchange.
A2X is a licensed stock exchange that provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.