Nedbank has been approved for a secondary listing on A2X Markets, taking the number of instruments available for trade on the alternate exchange to 62.
The bank, which has now been largely unbundled from former parent Old Mutual, will be available for trade from April 1 2022 on A2X, which will give the exchange a combined market capitalisation of about R4.2-trillion.
Nedbank will retain its primary listing on the JSE as well as its other secondary listing on the Namibian Stock Exchange (NSX), while its issued share capital will be unaffected by its listing on A2X.
“Our listing on A2X complements our existing listings on the JSE and the NSX by giving investors the option to trade on their stock exchange of choice and potentially save costs when trading in Nedbank shares,” said Nedbank CFO Mike Davis.
Nedbank will join rival lenders Standard Bank as well as Investec Ltd and Investec Plc on the alternate exchange which has succeeded in attracting other top 40 index constituents such as Aspen, Exxaro, Growthpoint, Mr Price, Naspers, Prosus, Remgro, Sanlam and Sasol.
“Nedbank is a well-respected and admired SA bank with a rich history and we are pleased to be welcoming the business to A2X in April,” said A2X CEO Kevin Brady. “We look forward to demonstrating the benefits that an A2X listing will bring to its shareholders.”
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