Photo by: Bloomberg
Platinum group metals (PGMs) producer Impala Platinum (Implats) is set to list on A2X Markets (A2X), with its ordinary shares to be available for trade on A2X from June 13.
The company will retain its primary listings on the JSE and its Level 1 American Depositary Receipt programme in the US.
Implats’ issued share capital will be unaffected by the secondary listing on A2X.
Implats has mining operations in South Africa, Zimbabwe and Canada and employs more than 56 000 people across its operations.
“The Implats counter is a high-quality and liquid scrip and we are pleased to have the opportunity to offer it to the broadest possible range of investors. This secondary listing complements our primary listing and provides investors with a competitively priced choice of venue to transact in the company’s shares,” says Implats CFO Meroonisha Kerber.
“Implats investors gain exposure to a global precious metals portfolio, comprising operating PGM assets, projects and a toll-refining business. Together, our operations are well-positioned to capture the benefits of the full PGMs value chain through integrated processing facilities, including wholly-owned smelters, as well as base and precious metal refineries.
“This secondary listing on A2X aligns with international best practice and supports the growth and development of South Africa’s capital markets,” Kerber adds.
The listing will bring the number of instruments available for trade on A2X to 68, with a combined market capitalisation of about R4.5-trillion.
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 in terms of the Financial Markets Act.