South Africa’s automotive group Motus has been approved for a secondary listing on A2X Markets and its shares will be available for trade on A2X from 1 April 2022.
Motus will retain its primary listing on the JSE Limited and its issued share capital will be unaffected by its secondary listing on A2X. Motus was listed on the JSE in November 2018, following its unbundling from Imperial.
Employing over 17 000 people globally, Motus is a diversified non-manufacturing business in the automotive sector with unrivalled scale in South Africa, a selected international presence primarily in the United Kingdom and Australia, as well as a limited presence in South East Asia and Southern and East Africa.
It has long-standing importer and retail partnerships with leading original equipment manufacturers (OEMs), representing some of the world’s most recognisable brands.
Motus Chief Executive Officer, Osman Arbee said: “Our entrepreneurial management approach encourages the business to look for innovative ways to add value for our shareholders and clients. By listing on A2X, we enable our shareholders to capture the benefits of lower costs and additional liquidity created through the utilisation of the latest exchange technology.”
Kevin Brady, A2X Chief Executive Officer commented: “A2X is delighted to welcome Motus to the exchange. The company is unrivalled in scale in the automotive sector in South Africa not only by size but also in longevity with its roots tracing back to 1948. Such growth and resilience aren’t easily achieved and its listing on A2X is testament to management’s ability to adapt to the needs of the ever-changing marketplace and recognise opportunity.”
The addition of Motus to the A2X board will bring the number of instruments available for trade on A2X to 61 with a combined market capitalisation of around R4.2 trillion. These companies include Top 40 constituents such as: Aspen, Growthpoint, Mr Price, Investec, Naspers, NEPI Rockcastle, Prosus, Standard Bank, Sanlam and Sasol.
A2X is a licensed stock exchange that provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority in terms of the Financial Markets Act.