Huge Group first telecoms listing on A2X
Huge Group Ltd's shares have been approved for listing on A2X Markets from 10 April 2018.
Huge Group Limited will be the first telecommunications company to list on A2X. The company will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X. Huge listed its ordinary shares on the JSE in August 2007.
James Herbst, CEO of Huge Group, says they are excited about the listing, and that it was not a very difficult decision to make. He says:
“There are no additional costs to Huge of listing its shares for trading on A2X, there is no additional administrative burden and the continuing obligations are easy to fulfil. The rationale for this secondary listing was mainly to bring the prospect of lower transaction costs to investors who trade our shares. We believe that A2X will bring market efficiencies which our shareholders do not enjoy currently – we expect the double, being the bid offer spread, on our shares to narrow. We welcome the competition that A2X will bring to the market and the benefits that prospective investors and existing shareholders will derive from this type of stock exchange.”
A2X competes directly with the JSE and provides an alternative platform for companies to secondary list and trade their shares. A2X began trading in October last year and now has eight approved brokers and six companies listed on its platform.
Kevin Brady (pictured), A2X CEO, says:
“With a R1.5 billion market capitalisation and a share price which has increased by almost 1300% in the last five years, Huge has the size and momentum to be a meaningful force in the telecommunications industry and on A2X. We are delighted to welcome them aboard.”