[South Africa] Property Investment and Development Group, NEPI Rockcastle, lists shares on A2X
NEPI Rockcastle (Share code: NRP) has been approved for a secondary listing on A2X Markets and its shares will be available for trade on A2X from Tuesday, 18 June 2019. NEPI Rockcastle (NEPI) is a FTSE JSE Top 40 constituent with a market cap of over R72 billion.
NEPI retains its listings on the JSE and Euronext Amsterdam and its issued share capital will be unaffected by its listing on A2X. There is no cost, risk, or additional regulatory compliance as a result of this listing. NEPI Rockcastle bonds are listed on both the Irish and Bucharest Stock Exchanges.
Speaking on the listing, NEPI CEO Alex Morar said, “Listing as the largest property share on the A2X brings an additional R72.4 billion market capitalisation to the A2X. Importantly to us at NEPI Rockcastle is that this provides current and potential shareholders an additional platform in which to trade our shares besides the JSE and Euronext Amsterdam.”
He adds: “This listing reconfirms our firm commitment and support of a competitive market structure that is in line with global best practice. The ability for our shareholders to have the choice of trading on two different exchanges in South Africa is testament to the continued growth and development of the South African capital markets.”
A2X CEO, Kevin Brady said, “We welcome NEPI Rockcastle onto the A2X platform. As a leading international property investment and development group, operating in over 10 countries, this is a great endorsement for the benefits of a secondary listing. We look forward to providing an efficient and cost-effective trading venue for the trade of NEPI shares.”
This listing will bring the number of securities listed on A2X to 21, with NEPI being the 7th FTSE JSE Top 40 company. The combined market capitalisation of companies listed on A2X now exceeds R2.3 trillion. A2X boasts listings from many key sectors, including media, mining, banking, property, FMCG, financial services, retail, insurance, healthcare and telecommunications. The end-to-end costs of transacting on A2X are 50% lower than current levels charged in South Africa.
A2X is a licensed stock exchange which 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. A2X began trading in October 2017 and has five of South Africa’s six largest brokers as measured by market activity.