AVI and Standard Bank list shares on A2X
Both companies will still retain their primary listings on the JSE.
Fast-moving consumer goods group AVI Limited and commercial bank Standard Bank have become the latest companies to agree for their shares to be traded on the platform of A2X.
On Thursday, both JSE-listed companies said they will embark on a secondary listing on newcomer A2X’s platform.
Their listing brings the total number of JSE-listed companies that have embarked on a listing on A2X to 13.
Standard Bank and AVI shares will be available for trading on both the JSE and A2X from November 15, 2018.
A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority of South Africa. A2X is a new entrant in the securities trading market, which was previously monopolised by the JSE.
“Standard Bank is pleased to be making its securities available for trading on A2X through a secondary listing that complements our primary listing on the JSE,” said Arno Daehnke, Standard Bank Group’s Financial Director, in a statement.
“We have listened to our institutional investors, who have called for this secondary listing, which will offer enhanced choice to investors to trade through A2X’s platform and which demonstrates our support for the deepening and broadening of financial markets,” said Arno.
Meanwhile, A2X CEO Kevin Brady (pictured) said the listing of AVI is a milestone as it’s the first fast moving consumer goods company to debut on the new platform.
“We are delighted to welcome AVI to our platform and look forward to demonstrating the benefits that effective competition in the secondary share market will bring to AVI’s investors as well as to the growth of the overall market,” said Kevin.