10 June, 2019
The listing will bring the number of securities listed on A2X to 21 – African M& Community
Real estate group Nepi Rockcastle has become the latest company to agree for its shares to be traded on A2X Exchange in South Africa.
A2X said on Monday that Nepi Rockcastle has been approved for a secondary listing on its trading platform and its shares will be available for trade on A2X from June 18, 2019. NEPI Rockcastle is a FTSE JSE Top 40 constituent with a market capitilisation of over R72 billion.
NEPI will retain its listings on the JSE and Euronext Amsterdam and its issued share capital will be unaffected by its listing on A2X. NEPI Rockcastle bonds are listed on both the Irish and Bucharest Stock Exchanges.
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.
Speaking on the listing, Nepi CEO Alex Morar (pictured) said in a statement: “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.
These include Standard Bank, Naspers, AVI, Anchor Group, Afrimat, African Rainbow Capital Investments, African Rainbow Minerals, Ascendis Health, Coronation Fund Managers, Growthpoint Properties, Huge Group, Peregrine Holdings, Sandown Capital and Sanlam.