South African retailer Spar Group Limited (Spar) has been approved for a secondary listing on South African stock exchange A2X Markets (A2X).
This means that the retailer’s shares will become available for trade on A2X from May 15.
The retailer has wholesale warehousing and distribution operations in Southern Africa, as well as parts of Europe, with more than 4,500 stores and 14 distribution centres.
Spar operates in 11 countries and had a reported revenue of R149 billion in 2023.
Angelo Swartz, Group CEO of Spar said: “This secondary listing will allow investors to have easy access to our stock at very low transaction costs. The listing through the A2X secondary-listing platform will also come with improved liquidity and narrower spreads.”
“Spar is a trusted brand in South Africa and in many places across the world. We are delighted to be listing Spar on our market next week. We look forward to extending the many benefits that a listing on A2X will bring to Spar's investors.” Kevin Brady, CEO of A2X said.
The listing of Spar on A2X will bring the number of instruments listed on the stock exchange to 184 with a combined market capitalisation of around R9.4 trillion.
Spar will be retaining its listing on the JSE, and the retailer’s issued share capital will be unaffected by its secondary listing on A2X.
The A2X stock exchange is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.
IOL Business