Banking & Finance News South Africa

Spar gets secondary listing on A2X Markets

According to a statement issued on Wednesday, 8 May 2024, retailer Spar Group has been approved for a secondary listing on A2X Markets (A2X). Its shares will become available for trade effective Wednesday, 15 May 2024.
Group CEO of Spar, Angelo Swartz. Image supplied
Group CEO of Spar, Angelo Swartz. Image supplied

The Spar model is predominantly driven by the strength of entrepreneurial independent retailers at the heart of their communities.

It offers investors exposure to groceries, liquor, pharmaceuticals and building materials in Southern Africa. In Europe, the Group also has exposure to corporate grocery retail stores, cash-and-carry businesses and food services.

“This secondary listing will allow investors to have easy access to our stock at very low transaction costs. The listing through the A2X secondary-listing platform will also come with improved liquidity and narrower spreads”, says group CEO of Spar, Angelo Swartz.

A2X CEO Kevin Brady said, “Spar is a trusted brand in South Africa and in many places across the world. We are delighted to be listing Spar on our market next week. We look forward to extending the many benefits that a listing on A2X will bring to Spar's investors.”

The listing will bring the number of instruments listed on A2X to 184 with a combined market capitalisation of around R9.4tn

Spar retains its listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X.

A2X is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.

Spar has wholesale warehousing and distribution operations in Southern Africa and parts of Europe that support over 4,500 stores through 14 distribution centres. It operates in 11 countries and reported revenue of R149bn in 2023.

In Southern Africa, Spar has over 1,000 grocery stores, almost 900 Tops at Spar liquor stores, 400 Build it stores and 125 pharmacies. Tops at Spar and Build it are South Africa’s largest liquor and building supplies retailers, respectively.

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