JOHANNESBURG - JSE-listed industrial goods and services group Invicta Holdings said on Tuesday that it has approved for secondary listing its ordinary shares and preference shares, with a market capitalization of R2,6 billion and R660 million respectively, on the A2X Markets.
Invicta, which operates in the industrial consumables, capital equipment and spare parts industries, said it would retain its primary listings on the JSE and its issued share capital would be unaffected by its secondary listings on A2X. The shares will be listed next week Tuesday.
Arnold Goldstone, Invicta chief executive the listing would gives their investors a choice of venue on which to transact and an opportunity to save money, and was aligned with global best practice.
"We are committed to creating long-term value for our stakeholders and believe our secondary listings on A2X further underpin this commitment," Goldstone said.
The Invicta listing will bring the number of securities available for trade on A2X to 28 with a combined market capitalisation of over R2.4 trillion.
A2X boasts listings from many other key sectors, including media, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications.
Kevin Brady, A2X chief executive, welcomed Invicta to their platform. A2X is a licensed stock exchange which provides a secondary listing venue for companies and began trading in October 2017.
"The benefit of secondary listing on A2X, is that our lower-cost fee structure helps drive a better-quality market by narrowing spreads and increasing liquidity," Brady said.
"Investors then have a choice of looking across markets to ensure they get the best available price when transacting. We look forward to demonstrating these benefits to Invicta and its shareholders."
- African News Agency (ANA)