Who will be the first to list on ZAR X next week?
SA’s largest agribusiness, Senwes, will be the first to list on the country’s new exchange later in February. The century-old company is currently trading over the counter but will migrate its shares to ZAR X on February 20. Senwes group company secretary Elmarie Joynt said on Monday the main reason for the move was to comply with the Financial Markets Act. The act requires all self-regulated trading platforms to apply for a licence to trade as an exchange, or migrate to a licensed exchange. "ZAR X’s business model facilitates a low-risk, low-cost and easy trading environment. We are listing as an introductory offer, Senwes does not need capital raising now," Joynt said. "As we are moving to a different low-cost platform we trust that more public exposure will lead to increased liquidity, but as stated, as a 109-year-old company, capital raising for now is not the object," said Joynt. ZAR X was granted a licence to operate as an exchange in 2016. The start of operations was delayed ...
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