Exxaro gets approval for a secondary listing on the A2X from next week

JOHANNESBURG – Exxaro, one of the largest black-owned coal and heavy mineral companies in South Africa, has been approved for a secondary listing on the A2X from next week. Exxaro’s listing brings the number of securities available for trade on A2X to 36, with a combined market capitalisation of about R1.5 trillion.

Exxaro chief executive Mxolisi Mgojo said the listing signalled the group’s commitment to investors. “At Exxaro we believe one of the keys to remaining relevant is to incorporate emerging technologies into our business operations and our listing on A2X is an example of this,” Mgojo said.

This month Exxaro reported a 13 percent increase in headline earnings for the year ended in December to R7.6 billion, mainly driven by its income from equity investments.

Mgojo said the A2X listing would result in cutting costs. “A2X is leveraging technology in an effort to reduce trading costs which will lead to cost savings for Exxaro investors”, he said.

A2X, ZARX, and 4AX, are alternative stock exchanges that were introduced in South Africa to give competition in the market.