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NewPlat lists on Stock Exchange of Mauritius

24th February 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Banking group Barclay’s corporate and investment banking division on Monday listed platinum exchange traded fund (ETF) NewPlat on the Stock Exchange of Mauritius (SEM).

The listing of 400 000 NewPlat debentures on the SEM would provide investors in Mauritius with the opportunity to invest directly in platinum bullion as the ETF tracked the platinum price, Barclays explained.

Each debenture was equivalent to about 1/100th of a fine troy ounce of platinum bullion held in a secure depository on behalf of investors.

“The listing of NewPlat on the SEM will help to further expand the Mauritian investment market by widening the choice of asset classes available to local investors, and also by helping facilitate an increase in liquidity on the SEM,” Barclays Africa head of exchange traded products Vladimir Nedeljkovic said.

The listing of NewPlat on the SEM followed the listing of Barclay’s gold bullion ETF, NewGold, on the exchange last year, making the SEM the first bourse out of South Africa to list both NewPlat and NewGold, marking yet a further step in broadening the suite of exchange-traded products in African markets, Barclays said in a statement on Monday.

“In rolling out both NewGold and NewPlat across the continent, we endeavour to help people prosper and deepen African investment markets [by providing] greater liquidity,” Nedeljkovic said.

ETFs were among the fastest growing investment funds in major markets across the world. In the case of NewPlat or NewGold, they offered a low-risk route to investing in physical metal without incurring the risks associated with mining the metal posed by equity investments. In addition, ETFs were attractive because of their low costs, tax efficiency and stock-like features, Barclays stated.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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