EESE welcomes imminent BBBEE scheme listings
Equity Express Securities Exchange (EESE) on Tuesday welcomed the planned listings of the MultiChoice and Media24 broad-based black economic empowerment (BBBEE) schemes, Phuthuma Nathi and Welkom Yizani, in October.
These listings will include Phuthuma Nathi Investments, Phuthuma Nathi Investments 2 and Welkom Yizani Investments.
“We have had a very successful relationship with Phuthuma Nathi and Welkom Yizani, where they have traded on the Singular Systems over-the-counter (OTC) platform for the last seven years.
“In the last 12 years, trading volumes on the OTC platforms have totalled over R210-million,” said EESE CEO Anthony Wilmot.
Singular Services has, in addition, been nominated as the sole authorised broker for all three counters, EESE pointed out on Tuesday.
This, the company explained, means that the Financial Intelligence Centre Act process that all investors were subject to will not have to be repeated when they list on EESE.
Taking this into account, the share trading process remains virtually unchanged for the about 200 000 investors, EESE said, who noted that it believes the move to the listed environment will be a seamless process for the issuers and the investors.
With the addition of the Phuthuma Nathi and Welkom Yizani counters on the EESE, the exchange, as a 55% black-owned exchange, is “excited to be the platform of choice for the BBBEE share schemes in the South African market”.
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