Pick n Pay yesterday informed its shareholders that it had been approved for a secondary listing on A2X Markets (A2X). Its shares will be available for trade on A2X from November 1.
In a statement, the group said its primary JSE listing would be unaffected by the secondary listing on A2X.
"Pick n Pay’s shares will commence trading on A2X from the A2X listing date," it said.
A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies, and is regulated by the South African Financial Sector Conduct Authority in terms of the Financial Markets Act 19 of 2012.
Pick n Pay Group Chair Gareth Ackerman said: “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.
He said the listing on the A2X will provide a competitively priced choice for shareholders and help encourage the development of a healthy local market.
BUSINESS REPORT