Naspers becomes largest firm to list on A2X exchange
Naspers [JSE:NPN] announced on Tuesday that its shares have been approved to trade on the local A2X stock exchange as a secondary listing with effect from December 27, 2018.
The global media giant, which is largest company by market value in Africa and on the Johannesburg Stock Exchange, said its primary listing on the JSE would be unaffected.
A2X, which has been active since October 2017, provides secondary listings for SA companies.
The inclusion of Naspers on the A2X platform brings the number of companies listed there to 15 with a combined market capitalisation of almost R2trn, according to A2X.
"We are thrilled to welcome Naspers onto the A2X platform, said A2X CEO Kevin Brady. "This is a great endorsement for the merits of a secondary listing."
Naspers CEO Bob van Dijk said in a statement that A2X was one of a growing number of new exchanges that are leveraging technology in an effort to reduce trading costs and increase market transparency.
"We believe our shareholders will appreciate the added choice of trading venues."
* Fin24 is part of 24.com, a division of Media24, which is a subsidiary of Naspers. This article was updated at 18:54 to state that Naspers is the largest company by market value in Africa and on the JSE.