Exxaro Resources Ltd (share code: EXX) has been approved for a secondary listing on A2X Markets on Thursday, 2 April 2020, the company announced.
Exxaro is one of the largest black-empowered coal and heavy mineral companies in South Africa, with an asset portfolio of coal operations and investments in iron ore, pigment manufacturing, renewable energy (wind), and residual base metals.
The company’s Chief Executive Officer (CEO) Mxolisi Mgojo said, “Mining still plays a significant role in the economy of our nation. Our listing on A2X supports our commitment to investors and the South African marketplace.
“At Exxaro we believe that one of the keys to remaining relevant is to incorporate emerging technologies into our business operations and our listing on A2X is an example of this. A2X is leveraging technology in an effort to reduce trading costs which will lead to cost savings for Exxaro investors.”
In a statement seen by African Mining Brief online, A2X CEO Kevin Brady said, “We are pleased to be giving Exxaro shareholders the opportunity to trade across markets and transact shares at the best price available. We look forward to adding Exxaro to the growing number of companies listed on A2X.”
The Exxaro listing will bring the number of securities available for trade on A2X to 36 with a combined market capitalisation of about R1.5 trillion. Exxaro is the third company from the mining sector to list on joining African Rainbow Minerals and Tharisa plc.
A2X has listings from many other key sectors, including media, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications. In addition, A2X has also attracted listings in exchange-traded products including Absa’s three precious metal exchange-traded funds and Investec’s exchange-traded notes.
A2X is a licensed stock exchange which provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act. It began trading in October 2017 and has eight approved brokers, including five of the top six largest brokers as measured by value traded.