Senwes will be new exchange ZAR X’s first listing come September
NEW securities exchange ZAR X, which officially launches in September, has already clinched its first listing in Senwes, an agri-business currently trading over the counter.The two companies said on Wednesday Senwes and parent Senwesbel would migrate their over-the-counter shares to ZAR X on September 30."Senwes resolved to migrate to ZAR X as to ensure that the share trading (is) regulated as envisaged in the new Financial Markets Act," said Elmarie Joynt, its company secretary.The new legislation requires all self-regulated trading platforms to apply for a licence to trade as an exchange, or migrate to a licensed exchange."To apply for, and to be, an exchange licensee is legislatively onerous and very costly, and it does not make business sense," said Joynt. "A listing on the main bourse (the JSE) would be considered when and if appropriate and in the event that material capital should be raised."Senwes will still act as broker and transfer secretary to investors in the company.Se...
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