The Foschini Group (TFG) announced today that the company’s ordinary shares will be listed on A2X Markets.
The retailer informed shareholders today that its ordinary shares have been approved for inclusion in the list of qualifying equity securities to be traded on A2X from 10 October 2023.
TFG’s primary listing on the JSE and its issued share capital will be unaffected by the secondary listing on A2X.
TFG CEO Anthony Thunström said, “We are 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.”
A2X is a licensed stock exchange 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.
TFG currently trades on the JSE with a market cap of R32.19 billion and a share price of around R97.25.
TFG will join other well-known South African companies trading on A2X.
This includes 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.
A2X CEO Kevin Brady 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.”
At the time of writing, A2X has 180 listed instruments and a market cap of R10.5 trillion.