South Africa’s retailer Pick n Pay has been approved for a secondary listing on A2X Markets.
The Pick n Pay Group, with a market value of R27 billion, informed shareholders that its primary listing on the JSE and issued share capital will be unaffected by the
secondary listing on A2X.
“Shareholders are hereby advised that Pick n Pay’s ordinary shares have been approved for inclusion in the list of qualifying equity securities to be traded on A2X with effect from 1 November 2022,” Pick n Pay informed investors.
Pick n Pay’s Pick n Pay’s shares will commence trading on A2X from the A2X listing date.
A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the South African Financial Sector Conduct Authority in terms of the Financial Markets Act 19 of 2012.
The Pick n Pay Group is a grocery, general merchandise and clothing retailer with an omnichannel footprint, that operates under three banners – Pick n Pay, Pick n Pay QualiSave, and Boxer.
It has a 49% shareholding in Zimbabwe-based TM Supermarkets.
Pick n Pay Group Chair Gareth Ackerman said: “Our listing on A2X means Pick n Pay shareholders will now be able to benefit not only from increased liquidity, but from the cost savings accrued through A2X’s low-cost platform and narrower spreads. This is entirely consistent with our strong focus on cost savings within our business to benefit customers.
“Our listing on the A2X will provide a competitively priced choice for shareholders, and helps encourage the development of a healthy local market.”
The listing will bring the number of instruments listed on A2X to 88 with a combined market capitalisation of around R5 trillion.
A2X CEO Kevin Brady said, “We are delighted to be welcoming the Pick n Pay Group to A2X next week. The Group is an iconic and trusted brand and we look forward to providing Pick n Pay investors with a choice of venue on which to transact and save money.”
Pick n Pay joins other well-known South African companies including AngloGold Ashanti, AVI, Coronation, Exxaro, Discovery, Growthpoint, Implats, Investec, Mr Price, Naspers, Nedbank, Netcare, Prosus, Remgro, Sanlam, Sasol, Sun International and Standard Bank who are also listed on A2X.
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 (SARB) in terms of the Financial Markets Act.
