Arno Daehnke: Standard Bank's secondary listing a response to calls from investors
The banking group's FD says the A2X listing demonstrates support for broadening financial markets.
Standard Bank Group announced today that Standard Bank Group Limited Ordinary Shares and Standard Bank Group Limited Second Preference Shares will be adding a secondary listing on A2X Markets along with their JSE listing.
A2X is a licensed stock exchange that provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority (formerly the Financial Services Board) and the Prudential Authority (South African Reserve Bank).
Standard Bank Group’s Financial Director, Arno Daehnke, comments:
“Standard Bank is pleased to be making its securities available for trade on A2X through secondary listings that complement our primary listings on the JSE. We have listened to our institutional investors, who have called for these secondary listings, which will offer enhanced choice to investors to trade through A2X’s platform and which demonstrate our support for the deepening and broadening of financial markets.”
Their JSE issued share capital won’t be affected by its secondary listing on A2X and there is no cost or additional regulatory compliance for Standard Bank.
A2X’s CEO, Kevin Brady says:
“We welcome the listing of Standard Bank’s ordinary and second preference shares on A2X and look forward to demonstrating the benefits these listings will bring to their investors as well to the overall growth and progression of local capital markets.”