South Africa: Johannesburg Stock Exchange facilitates double listings for foreign companies
The Johannesburg Stock Exchange (JSE) is looking to entice companies listed in London, New York, Toronto and Sydney to dual list in South Africa through an initiative dubbed "Fast-Track".The Johannesburg Stock Exchange (JSE) is looking to entice companies listed in London, New York, Toronto and Sydney to dual list in South Africa
through an initiative dubbed "Fast-Track".
It is designed to cut red tape and streamline the process, reducing the costs and time taken for a dual listing by enabling companies to leverage off the processes they went through with their primary listings, the
Financial Times reports.
The JSE hopes it will appeal to companies looking to access South Africa’s deep and sophisticated investor base, as well as those seeking to tap into Africa’s fast-growing economies.
"What we are finding is entities are coming to the JSE to list here to raise capital for them to grow in the rest of Africa, so it’s almost a gateway play,"
Donna Oosthuyse, director of capital markets at the JSE, told the news source. “We have really endeavoured to position the JSE as a competitive venue for listing.”
The London Stock Exchange (LSE) launched a similar attempt in October in a bid to attract African companies in the UK.
It is working on partnerships with exchanges in Morocco, Egypt, Nigeria and Kenya for dual listings.