Tiger Brands Limited has been approved for secondary listing on A2X Markets and its ordinary shares will commence trading on the stock exchange from 26 October 2021.
Tiger Brands Limited will retain its primary listing on the Johannesburg Stock Exchange (JSE) and its issued share capital will be unaffected by its secondary listing on A2X.
Tiger Brands is one of Africa’s largest listed manufacturers of fast-moving consumer goods (FMCG). It was founded in 1921 and holds leading positions in most categories with a growing market presence across Africa. Its portfolio includes iconic brands that are well-entrenched with consumers such as All Gold, Black Cat, Albany, Koo, Jungle Oats, Oros, Tastic, Mrs Balls and many more.
Tiger Brands CFO Deepa Sita said, “Our listing on A2X provides our shareholders with the choice to transact our shares on an additional platform and capture the benefits it offers. In addition, it supports the development and growth of a healthy capital market in South Africa”.
Kevin Brady, CEO of A2X Markets said, “Tiger Brands is home to a large number of iconic South African brands and we are delighted to have a heritage company of this calibre on board as we celebrate A2X’s fourth birthday. Their listing on A2X will enable its shareholders to capture the advantages of A2X’s lower cost structure, narrower spreads and added liquidity.”
The listing on 26 October will bring the number of instruments available for trade on A2X to 57 with a combined market capitalisation of about R5 trillion. Tiger Brands joins other well-known South African retail and FMCG companies on the exchange including Ascendis Health, AVI, Mr Price and Famous Brands.
A2X has listings from several key sectors, including media, property, technology, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications.
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. A2X began trading in October 2017, with seven approved brokers that account for over 60% of market activity.