A2X wins over Africa's biggest listed company
Secondary listing means the internet behemoth will start trading on new stock exchange on December 27
A2X Markets, one of four new stock exchanges in SA that are taking on the JSE, has received a major boost after winning over Africa’s largest and most frequently traded public company: Naspers. The JSE-listed internet giant said on Tuesday that it had been approved for a secondary listing on A2X and that its shares would start trading on that exchange from December 27. Naspers will become the 15th company to have a secondary listing on A2X, which listed the shares of Standard Bank - Africa's largest bank - in November. The exchange has found favour as it offers free secondary listings to companies and gives their investors more trading options. A2X CEO Kevin Brady told Business Day that Standard Bank was “a tipping point” for the exchange and Naspers “gets us to critical mass”. “To have the most liquid and second most liquid stock I think is a great endorsement for the merits of a secondary listing,” Brady said. “We expect the rate of adoption to accelerate in 2019.” The exchange, w...
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