DURBAN – South Africa’s largest general insurer, Santam, will join other JSE-listed heavyweights by taking up a secondary listing on the A2X Markets exchange, effective February 1.
Since A2X began trading on October 2017, it has already attracted big companies like Naspers, Sanlam, Standard Bank Group, African Rainbow Minerals, AVI, Ascendis Health and others that have taken an opportunity to list on the exchange.
Santam said on Friday that it would retain its listings on the JSE and the Namibian Stock Exchange and its issued share capital would be unaffected by the listing on A2X. “There is no cost, risk or additional regulatory compliance for Santam as a result of its A2X listing,” the group said.
Santam chief executive Lizé Lambrechts said they were continually looking for new ways to add benefit to their clients and shareholders in explaining the decision behind the secondary listing.
“We see this additional listing as an opportunity to attract potential new investors. More importantly, we are pleased to be complementing our existing listings on the JSE and Namibian Stock Exchange with a listing on A2X,” Lambrechts said.
Santam, with the market capitalisation of more than R35billion, saw its share price gaining 1.8 percent to R306 a share on the JSE after it announced the secondary listing.
The group has a long history as an insurer in South Africa and listed on the JSE in 1964.
It has evolved in the last 100 years and now has insurance businesses in South Africa and Namibia, as well as investments in insurance companies, held in conjunction with Sanlam Emerging Markets, in more than 30 countries.
A2X chief executive Kevin Brady said the trading options for Santam’s investors were being extended with a listing on A2X. “We are delighted to be welcoming Santam to A2X and look forward to demonstrating the benefits that a listing on our platform will bring to its shareholders,” Brady said.