Standard Bank's move to A2X follows that of FMCG company AVI, which announced its secondary listing earlier in the day. File Photo: IOL

DURBAN – JSE-listed Standard Bank and AVI are the latest companies to announce secondary listings on the A2X.

A2X, founded in October last year, has managed to attract 13 companies in the past 13 months.

A2X chief executive, Kevin Brady, said: “We welcome the listing of Standard Bank's ordinary and second preference shares on A2X and they are looking forward to demonstrating the benefits these listings will bring to their investors as well as to the overall growth and progression of local capital markets.”    

Other established companies, with secondary listings include Sanlam, Ascendis Health, Sygnia, Growthpoint Properties, Peregrine Holdings, Coronation Fund Managers and African Rainbow Capital Investments. companies listed on AX2 have a combined market capitalisation of more than R520 billion. 

A2X has nine approved brokers that account for more than 50 percent of all activity in the local equity market. 

Standard Bank's financial director Arno Daehnke said the group was pleased to be making its securities available for trade on A2X through secondary listings that complement its primary listings on the JSE. 

“We have listened to our institutional investors who have called for these secondary listings, which will offer enhanced choice to investors to trade through A2X’s platform and which demonstrate our support for the deepening and broadening of financial markets,” Daehnke said. 

The secondary listing shares of Standard Bank will start trading on the A2X on November 15 and the bank will retain its primary listing on the JSE. 

The issued share capital will not be affected by its secondary listing on A2X. 

Standard Bank has a market capitalisation of R289.49bn and the listing makes it the most valuable company to join A2X markets. 

Standard Bank's move to A2X follows that of fast moving consumer goods (FMCG) company AVI, which announced its secondary listing earlier in the day. AVI has market capitalisation of R37.78bn and consists of a range of categories from food to personal care, fashion and accessories. 

AVI, which has more than 50 brands in its portfolio, will also retain its primary listing on the JSE. AVI shares will also be available for trade on A2X from November 15. A2X is a licensed stock exchange which provides a secondary listing venue for companies.

BUSINESS REPORT