Pick n Pay to list on A2X
Fast-moving consumer goods retailer Pick n Pay Stores has been approved for a secondary listing on A2X Markets and its shares will be available for trade on the exchange from November 1.
The Pick n Pay Group, with a market cap of about R27-billion, will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing.
The group is a grocery, general merchandise and clothing retailer with an omnichannel footprint, that operates under three banners - Pick n Pay, Pick n Pay QualiSave and Boxer. It also has a 49% shareholding in Zimbabwe-based TM Supermarkets.
“Our listing on A2X means Pick n Pay shareholders will now be able to benefit not only from increased liquidity, but from the cost savings accrued through A2X’s low-cost platform and narrower spreads. This is entirely consistent with our strong focus on cost savings within our business to benefit customers.
“Our listing on the A2X will provide a competitively priced choice for shareholders and helps encourage the development of a healthy local market,” says Pick n Pay chairperson Gareth Ackerman.
“We are delighted to be welcoming the Pick n Pay Group to A2X next week. The Group is an iconic and trusted brand and we look forward to providing Pick n Pay investors with a choice of venue on which to transact and save money,” adds A2X CEO Kevin Brady.
The listing will bring the number of instruments listed on A2X to 88, with a combined market capitalisation of about R5-trillion.
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