New bourse starts operating with listing of Imperial’s empowerment partner
BUSINESS LIVE / 11 DECEMBER 2017 - 06:19 / HANNA ZIADY
Equity Express Securities Exchange (EESE) became SA’s fourth new exchange on Friday, listing Ukhamba Holdings, Imperial Holding’s broad-based black economic empowerment partner, with a market capitalisation of R340m.
EESE had its beginnings in the over-the-counter (OTC) trading platform, Equity Express, where Ukhamba has traded since 2013. Phuthuma Nathi and Welkom Yizani, the black economic empowerment schemes of MultiChoice and Media24 respectively, trade on Equity Express.
"We are hopeful that Phuthuma Nathi will list on our exchange," EESE CEO Anthony Wilmot said on Friday. Phuthuma Nathi had applied for its own exchange licence, which was awaiting Financial Services Board approval, he said.
EESE joins ZAR X, 4 Africa Exchange and A2X Markets as SA’s fourth new licensed exchange. The abundance of new stock exchanges has been partly driven by a change to OTC trading rules, which prevents OTC exchanges from matching shareholders. To continue on an OTC basis, an exchange can only advertise buy and sell orders.
Shareholders then need to negotiate directly with one another to match a trade.
Life insurer Assupol, which traded on Equity Express, had expressed interest to list on the EESE, said Wilmot.
LINK - https://www.businesslive.co.za/bd/companies/financial-services/2017-12-11-new-bourse-starts-operating-with-listing-of-imperials-empowerment-partner/
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER