Part of the Ascendis Health production line. Photo: Supplied
DURBAN - JSE-listed multinational health and care brands company Ascendis Health said yesterday that it had made a secondary listing on the A2X Markets by becoming the first healthcare company to list on this exchange.

A2X Markets became the third new bourse to open its trading last year after opening its doors in October. The other new entrants are ZARX, which started operating in February last year, and 4Africa Exchange that went live in September.

A2X competes directly with the Johannesburg Stock Exchange (JSE) and provides an alternative platform for companies to secondary list and trade their shares.

Ascendis said it would retain its primary listing on the JSE and its issued share capital would be unaffected by its secondary listing on A2X. Ascendis shares were now available to be traded on both the JSE and A2X.

Ascendis Health chief executive Thomas Thomsen said the company was pleased to complement their primary listing on the JSE with the secondary listing on A2X.

“We see the secondary listing as an opportunity to attract potential new investors through the lower-cost trading structure of A2X and broaden our shareholder base. There is no cost to the secondary listing or any additional regulatory compliance,” Thomsen said.

The group has a market capitalisation of around R5.4billion.

Diversified financial services group Sanlam also announced its secondary listing on A2X last month. Other companies that have made the successful listing under this new platform include African Rainbow Capital Investments, Peregrine Holdings and Coronation Fund Managers.

At the end of April, A2X had eight approved brokers, which include RMB Morgan Stanley, Peregrine Securities and Investec Securities.

A2X chief executive Kevin Brady said they were delighted to welcome Ascendis Health aboard.

“The first healthcare company listing is an important milestone for A2X as we continue to attract listed companies from across various sectors. We look forward to demonstrating the benefits that effective competition in the secondary share market will bring to Ascendis’s investors,” Brady said.

A2X is a licensed stock exchange which provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority, formerly the Financial Services Board, in terms of the Financial Markets Act.

A2X has eight approved brokers and eight companies listed on its platform with a combined market capitalisation of more than R220bn.

Ascendis Health is a South African-based global health and care company.

-BUSINESS REPORT