Naspers to join A2X stock exchange
Media and e-commerce group Naspers has been approved for a secondary listing on A2X Markets (A2X).
According to a statement, Naspers 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.
Naspers shares will be available to trade on both the JSE and A2X from 27 December. There is no cost, risk, or additional regulatory compliance for Naspers as a result of its secondary listing, says A2X in the statement.
A2X CEO, Kevin Brady says, "We are thrilled to welcome Naspers onto the A2X platform. As the largest listed company in South Africa and one of the largest technology investors in the world, operating in more than 120 countries and markets, this is a great endorsement for the merits of a secondary listing."
Brady adds, "Their belief in the power of local backed by global scale resonates with us. We are run by an experienced local team that harnesses some of the most advanced international exchange technology to provide an efficient and cost-effective trading venue to secondary list and trade shares. The end-to-end costs of transacting on A2X are 50% lower than current trading costs in South Africa."
A2X is a licensed stock exchange which competes directly with the JSE and provides an alternative platform for companies to secondary list and trade their shares.
The listing of Naspers on the A2X, which began trading in October 2017, brings the number of companies listed to15 with a combined market capitalisation of almost R2 trillion. The trading platform has nine approved brokers that account for approximately 50% of total market activity.