Data specialist PBT Group is to offer its stock through a secondary listing on the growing A2X Markets exchange as a way to make trading of its securities easier for investors.
On Tuesday, JSE-listed PBT said its ordinary shares will be traded on the A2X from February 1.
PBT, valued at R954m, is a technology and cloud agnostic data and digital services and solutions provider. The company will retain its listing on the JSE and issued share capital will be unaffected by the secondary listing on A2X, making the stock available on both exchanges.
PBT provides consulting services and solutions in areas such as data engineering, data analytics, cloud computing and software development.
“We are excited to give our shareholders an additional trading venue where the benefits offered by A2X accrue to our shareholders,” CEO Elizna Read said.
In recent years, the JSE has faced new competition from the A2X, which began trading in October 2017 and is partly owned by Patrice Motsepe’s African Rainbow Capital. The exchange is authorised to provide a secondary listing platform for companies that include Naspers, Prosus, Sanlam, Sasol, Aspen Pharmacare, Exxaro, AVI, Mr Price and EOH.
A2X said PBT’s listing will bring “the number of instruments available for trade” on the exchange to 61 with a combined market capitalisation of more than R5.2-trillion.
Despite A2X’s growth the JSE still controls about 99% of the market.
Kevin Brady, CEO of A2X Markets, said in a statement having a respected data specialist list on A2X further endorses the real benefits available to both industry and shareholders by having the choice to transact on a “low-cost platform”.
He added that a secondary listing “complements a company’s primary listing and comes with no cost, risk or additional regulatory requirements. Every listed company should do the same.”
On the JSE, PBT’s stock is up just more than 16% since the start of the year, and down 2.17% in afternoon trade on Tuesday.
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