IMPALA Platinum (Implats) is the latest of South Africa’s mining companies to take a listing on A2X Markets, according to an announcement today.
The platinum group metals (PGM) producer said its ordinary shares would be available to trade on the exchange on June 13.
The listing on A2X will be Implats’ secondary listing and it will retain its listings on the Johannesburg Stock Exchange and its level 1 American Depositary Receipt programme in the US, it said. The firm’s issued share capital would be unaffected, it added.
The listing will bring the number of instruments available for trade on A2X to 68 with a combined market capitalisation of around R4.5 trillion. Implats joins AngloGold Ashanti, African Rainbow Minerals, Pan African Resources, Exxaro and Tharisa from the mining sector with secondary listings on A2X, said Kevin Brady, CEO of A2X.
“This secondary listing complements our primary listing and provides investors with a competitively priced choice of venue to transact in the company’s shares,” said Meroonisha Kerber, CFO of Implats. “Implats investors gain exposure to a global precious metals portfolio, comprising operating PGM assets, projects and a toll-refining business,” she said.
The exchange counts African Rainbow Capital and Absa among its shareholders, according to a report by BusinessLive.
The publication said last year that A2X was planning to seek a primary-listings licence within the following two years, which would give it time to put in the necessary infrastructure.