The JSE, Africa’s largest stock exchange, says the move to slash its listing requirements by half and the use of plain language has created an enabling environment that attracts and retains listings.
The reforms do not come at the expense of investor protection, the bourse says. Among changes are the removal of pro forma financial information for share issues for cash and buy-backs, and property companies are no longer obliged to supply valuation reports “save for limited circumstances, as investors are provided with the relevant property specific disclosures”.
The simplified listing requirements have been approved by the Financial Services Conduct Authority.
Andre Visser, director: issuer regulation at the JSE, on Tuesday said the approval by the regulator marked a pivotal step in modernising South Africa’s capital markets.
“Alongside market segmentation and the expansion of the fast-track listings regime, this reform package is already strengthening our pipeline and lowering barriers to listing, while safeguarding investors through clear, fit for purpose regulation. We look forward to working with issuers, sponsors and market participants on the new simplified listings requirements,” Visser said.
The JSE in 2024 split the main board into two segments, tailored to meet the needs of large corporations and smaller firms.
The main board was divided into “prime” and “general” with smaller companies trading in the general segment.
This action is designed to minimise regulatory burdens and the costs associated with listing on the JSE for smaller companies, in a move that provided regulatory relief for eligible issuers, supporting capital raising, cost-effective reporting and flexible corporate actions.
‘Growing appeal’
The JSE on Tuesday provided an update on the market segmentation process, saying to date 31 main board companies have migrated to the general segment, “underscoring its relevance and growing appeal to issuers”.
The JSE has endured a torrid two decades, a period that saw it halve in size after a spate of delistings.
“The JSE’s listings pipeline strengthened in 2025, with new entrants reflecting diverse sectors and renewed confidence in South Africa’s capital markets. Among the most notable additions were ASP Isotopes, Cell C Holdings and Optasia, underscoring the impact of ongoing reforms to attract and retain listings,” the bourse said.
“Wider market activity noted through 2024 and 2025 includes increased origination and expected listings as conditions improve, underscoring the impact of the JSE’s reforms in easing the recent period of subdued listings activity.”
The bourse is set for a big boost this year in the form of the mooted secondary listing of Coca-Cola HBC (CCH), as part of its takeover of Coca-Cola Beverages Africa.
CCH is the strategic bottling partner of the Coca-Cola group. In terms of geographical footprint, CCH will become the biggest Coca-Cola bottler worldwide, with 43 countries of coverage, up from 29 now.
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