[South Africa] Standard Bank to secondary list on A2X
Standard Bank Group Ordinary Shares (share code: SBK) and Standard Bank Group Second Preference Shares (share code: SBPP) have been approved for a secondary listing on A2X Markets and will be available for trade from Thursday, 15 November 2018.
Standard Bank will retain its primary listings on the Johannesburg Stock Exchange (JSE) and the issued share capital will be unaffected by its secondary listings on A2X. There is no cost or additional regulatory compliance for Standard Bank as a result of its secondary listings.
Standard Bank Group’s Financial Director, Arno Daehnke, comments, “Standard Bank is pleased to be making its securities available for trade on A2X through secondary listings that complement our primary listings on the JSE. We have listened to our institutional investors, who have called for these secondary listings, which will offer enhanced choice to investors to trade through A2X’s platform and which demonstrate our support for the deepening and broadening of financial markets.”
A2X’s CEO, Kevin Brady said, “We welcome the listing of Standard Bank’s ordinary and second preference shares on A2X and look forward to demonstrating the benefits these listings will bring to their investors as well to the overall growth and progression of local capital markets.”
The listing of Standard Bank Group’s ordinary shares and second preference shares for trade brings the number of securities available on A2X to 13 with a combined market capitalization of over R520 billion. In addition, A2X has 9 approved brokers that account for over 50% of all activity in the local equity market. A2X opened its doors for trade in October 2017.
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).