African Rainbow Minerals has been approved for a secondary listing and will be the first mining company to list on the A2X Markets on Thursday, 29 November 2018.
A2X is a licensed stock exchange playing an integral part in the progression of the South African market-place and provides a secondary listing venue for companies.
It is regulated by the Financial Sector Conduct Authority and the Prudential Authority in terms of the Financial Markets Act.
A2X began trading in October 2017 and has nine approved brokers that account for about 50% of market activity.
An experienced team hand-picked from across the financial services and technology industries, run the exchange.
This experience, combined with cutting-edge technology, stable systems and an agile environment enable A2X to provide the market with an efficient and cost-effective trading venue to secondary list and trade shares.
African Rainbow Minerals will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X.
African Rainbow Minerals shares will be available to trade on both the JSE and A2X.
There is no cost, risk, or additional regulatory compliance for African Rainbow Minerals as a result of its secondary listing.
“We are pleased to welcome African Rainbow Minerals onto our platform," comments A2X CEO, Kevin Brady.
"African Rainbow Minerals is the first company from the mining sector to list on A2X as we continue to attract listed companies from across the various sectors."
African Rainbow Minerals' listing will bring the number of companies available for trade on A2X to 14 with a combined market capitalisation of over R600 billion.
A2X now boasts listings from many of the key sectors, including mining, banking, property, FMCG, financial services, insurance and telecommunications.
“As A2X gains greater traction, more companies are seeing the benefits that a secondary listing can bring to their shareholders.
"Not only does it provide an alternative venue on which to transact but the low fee structure drives significant savings for the end investor as it creates a better quality market by narrowing spread and attracting new liquidity," Brady explains.