Investment management company Sygnia’s shares began trading on South African stock exchange A2X on Thursday, with the company becoming the eleventh issuer to secondary list on the exchange.
Sygnia, which is based in South Africa, retains its primary listing on the JSE.
The listing provides Sygnia with an opportunity to broaden and diversify its offering to benefit its clients and spur local innovation, Sygnia CEO Magda Wierzycka said in a statement.
“We support disruption, competition and best practice in South Africa’s capital markets,” she added, explaining that international experience has shown the company how competition helps to drive a more efficient and responsive industry, which “ultimately benefits the end consumer and assists in the overall growth of the market”.
A2X CEO Kevin Brady, meanwhile, said “Sygnia is known as an innovative and entrepreneurial company and we are delighted to have them listing on the A2X today. Sygnia’s ability to challenge the status quo and do things in an innovative, cost-effective manner resonates with us.”
Sygnia, which is an equity exchange-traded fund (ETF) provider in South Africa, offers investors a range of ETFs tracking international equity markets, and manages over R19.6-billion in ETF investments.
A2X has, meanwhile, applied for an amendment to its exchange licence to include the secondary listing of ETFs and is currently awaiting approval from the regulator.