Investec Ltd and Investec plc have been approved for secondary listings on A2X Markets, making it the second major bank to list on the alternative South African stock exchange. The group’s shares will commence trading by the end of next week, A2X and Investec confirmed in a statement on Thursday.
Investec and Investec plc will retain their existing listings on local and international stock exchanges and their respective share capitals will not be affected by the secondary listing. These recent listings follow the listings of the Investec Top 40 Tri ETN and the Investec Swix op 40 TRI ETN in October 2019.
“Investec is pleased to announce a secondary listing on A2X to provide investors with a greater choice in trading venues,” Investec Group CEO, Fani Titi said.
“We believe the secondary listing supports the development of a healthy local market,” he added.
A2X Markets is a fairly new licensed secondary listings stock exchange, having begun trading in October 2017.
Investec’s latest move will bring the number of instruments available for trade on the A2X to 56 and takes the alternative market’s combined market capitalisation to about R5 trillion.
“We are delighted to be welcoming a company of Investec’s calibre to A2X next week,” said Kevin Brady, CEO of A2X Markets.
“We appreciate the message of support for the development of a healthy and vibrant local market and look forward to demonstrating the benefits that a listing on A2X will bring to both Investec and its investors,” he added .
Investec will be joining Standard Bank and other established companies like Naspers, Prosus, Sanlam, Sasol, AVI, Exxaro, Mr Price, Aspen Pharmacare, Famous Brands, Momentum Metropolitan and Growthpoint that also have a listing on A2X Markets.