Property company Fairvest has been approved for a secondary listing on A2X Markets and will be available to trade on the exchange from May 11.
This follows the merger of Arrowhead Properties and Fairvest Property, creating the largest South Africa-focused real estate investment trust.
Fairvest will retain its listing on the JSE and its issued share capital will be unaffected by its listing on A2X.
Both A ordinary shares and B ordinary shares will be available for trade on A2X.
Fairvest Property and Arrowhead Properties merged on January 31, setting the stage for the creation of a mid-sized JSE-listed property company with assets of about R11.78-billion.
“Fairvest Property Holdings first listed on A2X in October 2019 to complement our primary listing and give our investors the option to trade across markets. It was a natural progression to relist on A2X after the merger as we continue to look at all ways to save costs and put our shareholders first,” says Fairvest CEO Darren Wilder.
The listing will bring the number of instruments available for trade on A2X to 66, with a combined market capitalisation of about R4-trillion.
Fairvest joins Equites Property Fund, Growthpoint Properties, Nepi Rockcastle and recently listed SA Corporate Real Estate from the property sector on the exchange.
A2X is a licensed stock exchange that provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority in terms of the Financial Markets Act.