FIRST LARGE-CAP LISTING
A2X lands Sanlam’s secondary listing
SA’s 14th-largest company by market value will get its secondary listing on A2X Markets on Monday, which will be this bourse’s first large-cap listing. The move will deliver a fivefold increase to A2X’s market capitalisation and make the challenger exchange a far bigger threat to the JSE. Insurance group Sanlam would take a secondary listing on the exchange on Monday, A2X Markets said. With a market value of R181.9bn, Sanlam was the country’s 14th-largest listed company on Thursday, behind Old Mutual and MTN, but ahead of Barclays Africa Group and Shoprite. Sanlam’s secondary listing, which follows the likes of Coronation, Afrimat, African Rainbow Capital Investments and Huge Group, will take A2X’s total market value from R47.1bn to about R229bn. This is still a fraction of the JSE all share index, with a market value of R11.6-trillion, but many times the size of rivals, ZAR X and 4 Africa Exchange. What it means Moreover, Sanlam’s secondary listing on A2X means shareholders can now...
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