Mr. Price Group has been approved for A2X Markets’ secondary listing. As from May 2, 2019, the shares of the retailer will be available for trade on A2X.
The retailer, whose share code is MRP, still maintains its share listings on the JSE. Its current share capital will remain unaffected by the A2X secondary share listing. The secondary listing comes with no added cost, risk or regulatory compliance.
“At Mr. Price, one of our core values is partnership and it is part of our philosophy to share the ownership and success of our company. We have a long history of delivering value to our shareholders and we see this secondary listing as an opportunity to continue that trend. Listing on A2X markets gives more choice to our current investors and opens up opportunity for us to attract potential new investors,” said CEO of Mr. Price, Mark Blair.
The CEO of A2X, Kevin Brady, said, “We are pleased to welcome Mr. Price to the growing list of companies on A2X. The first retail company listing is an important milestone for A2X as we continue to attract listed companies from across various sectors. We look forward to demonstrating the benefits that effective competition in the secondary share market will bring to Mr. Price’s investors.”
After the listing of Mr. Price, the total number of securities available for trade on A2X becomes 20. The listing brought the combined market capitalization of A2X to more than R2.4 trillion.
A2X is a licensed stock exchange market which provides companies with an avenue for a secondary listing. Like other stock exchange markets, it is regulated by the Prudent Authority with regard to the Financial Markets Act, and the Financial Sector Conduct Authority.
Trading on A2X kicked off in October 2017. The stock exchange currently has nine approved financial brokers who are responsible for close to 50% of activity on the market.
A2X has listed companies from major industries such as media, FMCG, insurance, healthcare, banking, mining, telecommunications, and property. Mr. Price will be the first retailer to be listed there.