Business

PnP to start trading on A2X in November

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JSE-listed grocery retailer Pick n Pay will now have a secondary listing on South African capital market platform A2X Markets (A2X) starting from 1 November, a move that the group says will up its liquidity and improve cost savings.

The retail giant, with a market capitalisation of approximately R27 billion, will be joining a list of other big players with secondary listings on the platform including Mr Price, AngloGold Ashanti, Discovery, Growthpoint, Remgro, Sanlam, Sasol and Standard Bank.

Pick n Pay in its statement noted that the listing will not have an impact on its issued share capital.

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“Our listing on A2X means Pick n Pay shareholders will now be able to benefit not only from increased liquidity, but from the cost savings accrued through A2X’s low-cost platform and narrower spreads. This is entirely consistent with our strong focus on cost savings within our business to benefit customers,” group chair Gareth Ackerman said.

“Our listing on A2X will provide a competitively priced choice for shareholders and helps encourage the development of a healthy local market.”

Pick n Pay’s listing will bring the number of listed instruments on A2X to 88, holding a combined market capitalisation of approximately R5 trillion.

“We are delighted to be welcoming the Pick n Pay Group to A2X next week. The group is an iconic and trusted brand, and we look forward to providing Pick n Pay investors with a choice of venue on which to transact and save money,” A2X CEO Kevin Brady said.

The grocery retailer’s stock traded over 3% stronger on the JSE during midday trade on Tuesday, pricing the share at R58.65.

Read:

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