ZAR X planning listings after appeal board rejects bids to block it
Agricultural group Senwes and its subsidiary, Senwes Beleggings, lined up for end February
SA’s financial markets are on the threshold of a new era, following the JSE’s failed attempts to have ZAR X’s exchange licence suspended, with the result that the bourse will no longer be the country’s only regulated stock exchange. ZAR X would list agricultural group Senwes and its subsidiary, Senwes Beleggings, by the end of February, said CEO Etienne Nel. He said three companies had approached ZAR X to discuss listings since the ruling was handed down late on Thursday. "Our [listings] pipeline looks significantly better than it did a month ago," said Nel, who founded over-the-counter (OTC) trading platform Equity Express. The appeal board of the Financial Services Board (FSB) dismissed with costs two separate appeals by the JSE and 4 Africa Exchange (4AX) against the granting of an exchange licence to ZAR X. The registrar of security services granted ZAR X and 4AX exchange licences in August 2016. Judge LTC Harms, the deputy chairman of the appeal board, was critical of the groun...
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