[South Africa] Hudaco to secondary list on A2X
Hudaco Industries has been approved for a secondary listing on A2X, effective 5 May 2020.
The company will retain its primary listing on the Johannesburg Stock Exchange (JSE) and its issued share capital will be unaffected by the secondary listing on A2X. Hudaco’s ordinary shares will be available to be traded on both the JSE and A2X from the A2X listing date.
Kevin Brady, A2X CEO said, ''We are pleased to welcome Hudaco to A2X. Hudaco is a company with a remarkable 125 - year history. Such longevity isn't easily achieved and its listing to A2X is a testament to management's ability to recognize opportunity and adapt to the needs of the marketplace.''
The addition of Hudaco to the A2X board will bring the number of securities available for trade on A2X to 37 with combined market capitalization of around R2 trillion. These companies include Top40 constituents, Aspen, Growthpoint, Mr. Price, Naspers, NEPI Rockcastle, Standard Bank, Sanlam and Sasol.
''A secondary listing complements a company's primary listing and comes with no cost, risk or additional regulatory requirements. We believe that every company should be considering a secondary listing,'' adds Brady.
A2X boasts listings from all key sectors including media, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunication. In addition, A2X has also attracted listings in exchange traded products including two of Investec's exchange traded notes as well as three Absa exchange traded funds.
Hudaco is a South African group specialising in the importation and distribution of highquality branded automotive, industrial and electrical consumable products, mainly in the southern African region.
A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority and Prudential Authority, South African Reserve Bank in South Africa in terms of the Financial Markets Act 19 of 2012.