Pick n Pay to list on A2X

Pick n Pay Stores Limited has been approved for a secondary listing on A2X Markets (A2X), and its shares will be available for trade on the exchange from 1 November 2022.

A2X was founded in 2014 by Kevin Brady, Sean Melnick, and Ashley Mendelowitz to compete against the Johannesburg Stock Exchange (JSE).

The founders aimed to provide an alternative platform for companies to secondary list and trade their shares efficiently and cost-effectively.

The exchange debuted on 6 October 2017 and provided transaction costs that are 50% lower than current trading costs in South Africa.

Over the last five years, A2X showed strong growth with a slew of new listings with a combined market cap of over R5 trillion.

The Pick n Pay Group, with a market cap of around R27 billion, is the latest company to list on the exchange.

The retailer will retain its primary listing on the Johannesburg Stock Exchange (JSE), and its issued share capital will be unaffected by its secondary listing.

Pick n Pay Group chairman Gareth Ackerman said their A2X listing would benefit Pick n Pay shareholders through increased liquidity and cost savings.

“Our listing on the A2X will provide a competitively priced choice for shareholders and helps encourage the development of a healthy local market,” he said.

The listing will bring the number of instruments listed on A2X to 88, with a combined market capitalisation of around R5 trillion.

Pick n Pay joins other well-known South African companies, including AngloGold Ashanti, AVI, Coronation, Exxaro, Discovery, and Growthpoint.

Other big names on the exchange include Implats, Investec, Mr Price, Naspers, Nedbank, Netcare, Prosus, Remgro, Sanlam, Sasol, Sun International, and Standard Bank.