Hudaco Industries to list on A2X
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CAPE TOWN - Hudaco Industries, The JSE-listed 125-year old import and distribution company of branded automotive, industrial and electronic consumer products, will also list on A2X, next Tuesday.
The issued share capital on the JSE will be unaffected by the secondary listing on A2X, a statement said Tuesday.
A2X CEO Kevin Brady said Hudaco’s longevity isn’t easily achieved, and its listing on A2X showed management’s ability to recognise opportunity, and adapt to the needs of the marketplace.
The addition of Hudaco to the A2X board brings the number of securities available for trade on A2X to 37, with a combined market capitalisation of around R2 trillion.
These companies include Top40 constituents such as Aspen, Growthpoint, Mr Price, Naspers, NEPI Rockcastle, Standard Bank, Sanlam and Sasol.
Brady said a secondary listing complements a company’s primary listing, and comes with no cost, risk or additional regulatory requirements.
A2X has listings from all key sectors, including media, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications. In addition, the exchange also has listings in exchange traded products, including two of Investec’s exchange traded notes and three Absa exchange traded funds.
A2X is a licensed stock exchange which provides a secondary listing venue for companies.
Hudaco employs over 3 600 people and its current shareholders include many blue-chip players in the South African investment industry.
Hudaco’s share price traded unchanged at R68.00 Tuesday morning on the JSE. The share price has fallen sharply in line with the decline in global markets in March - on March 4 Hudaco was trading at R101.99 per share.
At the group’s annual meeting on March 19, CEO Graham Dunford said it was too early to make a meaningful statement on trading, and while management teams were dealing with developments as they evolved, the group was unlikely to escape unscathed from the COVID-19 crisis.