Wednesday, January 19

JSE Ready for Singapore Fast Track & Secondary Listings

Africa’s largest stock exchange, the JSE, announced Thursday that it will expand its secondary listing offering to companies listed on the Singapore Stock Exchange (SGX).

SGX-listed companies with secondary listings on the JSE will not only qualify for the fast-track listing path, which the JSE began offering in 2014, but will have fewer compliance requirements to deal with.

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“A secondary listing means that once a company is listed on the JSE, it will only be required to meet the listing requirements of the exchange where it has its primary listing,” the Sandton-based exchange said in a statement.

Read: JSE surpasses 70,000 points – the highest level ever

SGX-listed companies must have been publicly traded for at least 18 months to qualify for the JSE extended offering. Additionally, SGX top listed companies older than 18 months will not need a pre-listing statement to list on the JSE main board or alternative exchange (AltX).

“The basis of the fast track listing route is that the information on these applicants [is] well disseminated in their markets and as such makes it a smooth and easy process for double listing on the JSE, ”said the JSE.

The SGX now joins the Australian Stock Exchange (ASX), the London Stock Exchange (LSE), the New York Stock Exchange (NYSE), NYSE Euronext and the Toronto Stock Exchange (TSX), who already enjoy JSE’s secondary listing offer.

The rapid secondary listing extension to Singapore will not only boost JSE’s goals of attracting new listings in Asia, but will also benefit local JSE buying clients.

“Our local buying clients are always looking to improve the geographic diversification of their portfolios,” said JSE Capital Markets Director Valdene Reddy.

“The inclusion of SGX in our list of accredited exchanges will allow a much-needed increase for our group of publicly traded instruments in our market,” he added.

Read: New wave of eliminations to reach the JSE

A fast track listing on the JSE for SGX listed companies means:

  • Expedited approval of the quotation between three and six weeks
  • Fewer costs and resources are required on the basis that a pre-listing statement is not required compared to a prescribed pre-listing announcement;
  • One-time minimum fees and discounted annual listing costs; and
  • All dual listings are subject to a 70% discount on JSE’s annual listing fees, and expressways are eligible for this discount.

JSE Group CEO Leila Fourie said expansion to Singapore will enhance and support efforts to expand in Asia and help promote South Africa in Asia.

“We believe that this streamlined process will help offshore companies to quickly and efficiently access large capital funds from South Africa,” he said.

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