South African financial technology (fintech) group Capital Appreciation (Capprec) has been approved for a secondary listing on A2X Markets.
Its shares will be available for trade on A2X from December 18.
Capprec will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X, the group said on December 10.
“By bringing cutting-edge fintech to our clients, we give them the opportunity to improve efficiency, reduce cost and enhance customer experience. Our secondary listing on A2X extends this principle to our shareholders by providing them with the choice of transacting on an alternative platform, that through the use of the latest high-performance technology offers efficiency gains in the form of lower exchange fees and price improvement. This ultimately gives our transacting shareholders the opportunity to save money and supports the growth and development of the South African market," says Capprec joint-CEO Bradley Sacks.
“We are delighted to have a fintech company of Capprec's standing join our platform and we look forward to demonstrating the benefits that a secondary listing on A2X will bring to Capprec and its investors," says A2X CEO Kevin Brady.
Capprec is a fintech company with proprietary and licensed platforms, solutions, products and applications targeted at the business-to-business market. Its client base includes all major banking institutions in South Africa, as well as many niche banks, large financial services institutions and other financial services companies.
It has two business segments, namely payments infrastructure and services, and software and services, and a market capitalisation of R1.5-billion. The company has also successfully diversified into the retail, telecoms and healthcare sectors.