South African energy and chemicals group Sasol has been approved for a secondary listing on South African stock exchange, A2X Markets, on February 3.
The company retains its listings on the JSE and the NYSE.
The Sasol listing will bring the number of securities available for trade on A2X to 34, with a combined market capitalisation of over R2-trillion.
A2X is a licensed stock exchange which provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority of the South African Reserve Bank in terms of the Financial Markets Act.
“Sasol’s decision to list on A2X is part of the company’s commitment to continually find ways to increase value for shareholders, as well as provide them with a variety of trading venue options,” comments Sasol CFO Paul Victor.
“Sasol is one of South Africa’s most well-known and iconic companies and we are delighted to be welcoming them onto our platform. As a global player with local roots and a pioneer in innovation for over six decades, this is a great endorsement for the merits of a secondary listing.
“Sasol investors will benefit from not only the direct saving of lower transaction fees on A2X but also the indirect savings that accrue as a result of narrower spreads and increased liquidity,” adds A2X CEO Kevin Brady.