The Foschini Group (TFG) has made an announcement that the company’s ordinary shares will be listed on A2X Markets.
The company told the shareholders that its ordinary shares have been approved to be included in the list of qualifying equity securities to be traded on A2X from 10 October 2023.
The primary listing on the JSE for TFG, alongside its issued share capital will not be affected by the secondary listing on A2X.
Anthony Thunström who is the group’s CEO said that the company is continually looking for new ways to add value to our customers and shareholders. “As such, we are pleased to complement our JSE primary listing with the secondary listing on A2X. The listing will provide our shareholders with an opportunity to transact on an additional venue which is potentially more cost-effective.” – Thunström added.
A2X is a licensed stock exchange, which is authorised to provide a secondary listing venue for companies. It is regulated by the South African Financial Sector Conduct Authority and the Prudential Authority of the Reserve Bank. At the current moment, TFG is trading on the JSE with a market cap of R32.19 billion and a share price of around R97.25.
The retailer will be joining well-known South African companies trading on A2X such as AVI, Barloworld, Coronation, Exxaro, Discovery, Life Healthcare, Implats, Investec, Mr Price, Naspers, Nedbank, Netcare, Pick n Pay. PPC, Remgro, Saniam, Sasol, Shoprite, Sun International, Standard Bank, WBHO and Woolworths.
Kevin Brady who is the CEO at A2X said: “TFG has been home to some of South Africa’s most recognised and loved retail brands for almost 100 years. TFG’s longevity is a testament to its management’s ability to innovate and recognise opportunity.”
“We are pleased to be providing TFG shareholders with the option to transact on a lower cost platform and provide them with increased liquidity in South Africa.” – Brady added.
At the time of writing, A2X has 180 listed instruments and a market cap of R10.5 trillion.