Shoprite Group's core business is food retailing, complemented by adjacent value-added retail services and offerings across a range of industries such as furniture, digital commerce, pharmaceutical, ticketing, hospitality, as well as financial and cellular services.
Shoprite will retain its listing on the Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX) and Lusaka Securities Exchange (LUSE) and its issued share capital will be unaffected by the secondary listing on A2X.
“We are delighted to be welcoming Africa’s largest retailer to our platform next week. As demonstrated by its most recent financial results, Shoprite is in an exceptional company that has delivered ongoing growth even in a difficult operating environment. Shoprite joins a growing list of companies that are recognising the value of a secondary listing on A2X and the resultant benefits for investors,” said CEO Kevin Brady.
The Shoprite listing will bring the number of instruments listed on A2X to 112, with a combined market capitalisation of around R6.7tn.
A2X said that Shoprite’s listing highlights an important milestone for the stock exchange as more than half of all top 40 constituents will now have a secondary listing on the exchange. It joins other top 40 companies including Absa, Aspen, Discovery, Investec, Mr Price Group, Naspers, Nedbank Group, Prosus, Sasol, Standard Bank and Woolworths that are also listed 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 (SARB) in terms of the Financial Markets Act.