South Africa: Listings That Keep Investors in the Loop, and (Potentially) the JSE Out of It

analysis

Emerging stock exchange ZAR X celebrated two listings on 14 and 15 November, each with its own unique investment proposition. One is a private equity outfit based in Mauritius and focused on food security, while the other is an investment holding company that plans to unlock more immediate value for its shareholders. It's game on for the JSE.

Inward listings are unique to countries like South Africa with exchange controls in place. Until recently they were unique to the JSE as well, but that is no longer the case.

The recent inward secondary listing of Prosus, which was unbundled from Naspers, on the JSE, is the main incumbent's latest example. Prosus has its primary listing in Amsterdam.

In September, SA investment holding company Trencor announced that it will soon unbundle its holding in New York-listed Textainer, which will include a secondary inward listing on the JSE.

The JSE boasts a few more examples, and until last week was South Africa's sole proprietor in this space. Alternative exchange ZAR X welcomed its first inward listing in Dale Capital, a private equity investment holding company. The company had its primary float on the stock exchange in Mauritius in 2007.

Such cross-border secondary...

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