JSE- and LSE-listed platinum-group metals (PGMs) and chrome producer Tharisa has been approved for a secondary listing on A2X Markets, effective February 6.
Tharisa has a market capitalisation of R5.1-billion and has its primary listing on the JSE, and a secondary standard listing on the main board of the LSE. Its share capital will be unaffected by the A2X listing.
Tharisa CEO Phoevos Pouroulis said A2X, a South African stock exchange, provides an opportunity for the company to improve liquidity and attract new investors through the lower trading costs offered by the A2X platform. The three listings provide investors with a choice of exchange on which to transact.
“Tharisa’s mission is to maximise shareholder returns through innovative exploitation of mineral resources in a responsible manner. A secondary listing on A2X is another way to add value for its shareholders.
“Not only does it provide an alternative venue on which to transact, but the low fee structure drives significant savings for the end investor as it creates a better quality market by narrowing spreads and attracting new liquidity,” added A2X CEO Kevin Brady.
Tharisa’s listing will bring the number of companies available for trade on A2X to 17 with a combined market capitalisation of around R2-trillion. A2X has listings from companies in key sectors, including mining, banking, property, fast-moving consumer goods, financial services, insurance and telecommunications.
A2X began trading in October 2017 and has nine approved brokers that account for about 50% of market activity.