Fairvest to list shares on South Africa's A2X
It will still retain a listing on the Johannesburg Stock Exchange.
South Africa-focused real estate Fairvest Property Holdings has become the latest company to agree for its shares to be traded on A2X Exchange in South Africa.
Fairvest has been approved for a secondary listing on A2X and is set to list on October 31.
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.
The real estate company, with a market capitalisation of R2 billion, is predominately focused on the retail sector, weighted toward non-metropolitan shopping centres servicing the lower income nodes.
The Fairvest property portfolio consists of 42 properties diversified across the main provinces of South Africa with in-excess of 243 000m2 of gross lettable area.
Fairvest chief executive officer Darren Wilder (pictured) said the company was pleased to complement its primary listing with a secondary listing on A2X.
“Not only does this encourage competition and align with global best practice, but we view this listing as an opportunity to attract potential new investors and broaden our shareholder base,” said Darren.
A2X chief executive Kevin Brady said the listing of Fairvest on A2X represented the fourth company from the property sector to be available for trade on the platform.
“We have already listed Growthpoint Properties, Equites Property Fund and NEPI Rockcastle plc. It is an important milestone for us as we continue to see increasing depth from the various market sectors as more companies capture the benefits that a secondary listing offers. We are delighted to welcome Fairvest to A2X,” said Brady.
The Fairvest listing will bring the number of securities available for trade on A2X to 32 with a combined market capitalisation of about R2 trillion, the exchange said in a statement on Thursday.
A2X boasts listings from many other key sectors, including media, mining, banking, retail, financial services, insurance, healthcare and telecommunications.