JOHANNESBURG (Reuters) – South African lender Standard Bank will be floating its shares in a secondary listing on the A2X markets stock exchange in Johannesburg next week, the lender said on Thursday.
The A2X bourse will have thirteen listed companies so far since launching in October 2017 after the bank and consumer goods firm AVI float next week.
The exchange provides free secondary-listing for companies, offering them more exposure in addition to their primary listing.
“We have listened to our institutional investors, who have called for this secondary listing, which will offer enhanced choice to investors to trade through A2X’s platform,” the bank’s Financial Director, Arno Daehnke, said in a statement.
Standard Bank — South Africa’s largest lender by assets — will be the biggest company by market capitalisation when its listing commences on November 15, based on Reuters data.
The lender will join South Africa’s biggest insurer Sanlam and other firms listed on the A2X bourse.
“It gives them more exposure. Investors also would have more than one way of investing in the stock and as brokers sign up, the exchange should gain more traction as well,” Ryan Woods, trader at Independent Securities.
Reporting by Patricia Aruo; Editing by James Macharia