Huge to pursue secondary listing on A2X
Telecommunications firm Huge Group is preparing for a secondary listing on another South African stock exchange, A2X, next week.
Huge, which will retain its primary listing on the JSE, expects the secondary listing will lower transaction costs for its shareholders.
“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,” said CEO James Herbst.
The company explained that there were no additional costs of listing its shares and no additional administrative burden, while the continuing obligations were “easy to fulfil”.
“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,” he added.
Huge nonexecutive chairperson Dr Duarte da Silva said liquidity continued to be a key focus for the group, and that the A2X listing would bring even more liquidity to the Huge share.
“A secondary listing on A2X is very compelling. I understand the importance of competition in investment markets, the importance of increased liquidity and lower transaction costs to investors,” he added.
Huge will be the first telecommunications company to list on this exchange.
“With a R1.5-billion market capitalisation and a share price which has increased by almost 1 300% in the last five years, Huge has the size and momentum to be a meaningful force in the telecommunications industry and on A2X,” A2X CEO Kevin Brady said.
A2X is a licensed stock exchange competing directly with the JSE and provides an alternative platform for companies to secondary list and trade their shares.
The stock exchange started trading in October 2017 and now has eight approved brokers and six companies listed on its platform.
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