The Public Investment Corporation (PIC), one of Africa’s largest asset managers, has bought a 25% stake in ZAR X for an undisclosed amount. The equity injection would bolster ZAR X’s balance sheet and listings pipeline and enable it to better drive financial inclusion, CEO Etienne Nel said on Thursday. "We were looking to bolster our BEE [black economic empowerment] credentials and went through an extensive process last year, talking to various strategic BEE partners. The additional benefits that the PIC brought to the table won the day," he said. ZAR X now had a 36% black shareholding. The exchange was already in discussions with the PIC around listing some of its considerable private equity assets, Nel said. ZAR X was the first of four new stock exchanges to be launched in SA over the past 12 months, in what is the first challenge in decades to the JSE’s dominance. Its February debut was followed by the take-offs of 4 Africa Exchange, A2X Markets and Equity Express Securities Exch...

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