Telecommunications giant Vodacom Group is preparing for a secondary listing on the A2X Stock Exchange, while retaining its primary listing on the Johannesburg Stock Exchange (JSE).
The group will officially trade at market open – and Vodacom's ordinary shares can be traded on A2X – on October 26, complementing the company's primary listing by providing its investors with an alternative trading venue.
Vodacom Group’s issued share capital will be unaffected by the additional listing on A2X.
“We are pleased that the secondary listing on A2X has been approved. As we grow and having recently accelerated our growth profile by completing the acquisition of a 55% stake in Vodafone Egypt, we are delighted to be able to give our investors an alternative venue to trade and trust they will find this beneficial,” said Vodacom Group CFO Raisibe Morathi in a statement issued on Wednesday.
A2X CEO Kevin Brady said that the company looked forward to demonstrating the benefits that a listing on A2X would bring to both Vodacom Group and its investors.
“Vodacom is one of Africa’s most recognised and respected brands and we are delighted to be welcoming them onto our platform next week.”
The purpose-led African connectivity, digital and financial services company, with mobile networks covering more than 500-million people, operates in the Democratic Republic of Congo, Egypt, Lesotho, Mozambique, Tanzania and South Africa, as well as in Kenya and Ethiopia through a 35% shareholding in Safaricom.
A2X is a licensed stock exchange authorised to provide a secondary trading venue for companies and is regulated by Financial Sector Conduct Authority and Prudential Authority, the South African Reserve Bank, in South Africa, in terms of the Financial Markets Act 19 of 2012.