A2X will mark the fourth exchange that Shoprite Group shares will be available to investors.
- A2X market has partnered with Aqui Exchange, providing it with a licensing matching engine, surveillance and clearing technology.
- The Namibian Stock Exchange (NSX) and Lusaka Securities Exchange (LUSE) have also listed Shoprite Group as an instrument in their respective countries.
Shoprite Group, South Africa’s largest retailer, has been approved for a secondary listing on A2X Markets, an upcoming stock exchange market. The retailer’s shares will be available for trade on A2X from April 11, 2023.
On April 4th, A2X Market announced that Shoprite Group had met the criteria for appearing under its secondary listing. This sudden turn of events is not unexpected, as South Africa’s largest retailer has had a series of wins over the past years.
A2X will mark the fourth exchange that Shoprite Group shares will be available to investors after Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX) and Lusaka Securities Exchange (LUSE).
“The share capital will be unaffected by the additional listing on A2X,” noted the bourse.
The A2X market is South Africa’s newest stock exchange which made its debut in 2017 with three listings and four brokers on board.
Shoprite’s core business revolves around food retailing and offerings across various industries. It has significantly proven its place among the top sectors propelling South Africa’s economic growth.
According to A2X Markets, Shoprite is the next step for the SA stock exchange market. It has marked its 112th instrument listed with its organization. In addition, the company has indicated that more than half of all top 40 constituencies will have a secondary listing on the exchange.
According to A2X CEO Kevin Brady, the upcoming South Africa stock exchange is delighted to welcome one of Africa’s largest retailers.
He further claimed that the recent financial result of 2022 has earned its place among its listing.
“We are delighted to be welcoming Africa’s largest retailer to our platform next week. As demonstrated by its most recent financial results, Shoprite is an exceptional company that has delivered on-going growth even in a difficult operating environment. Shoprite joins a growing list of companies that are recognising the value of a secondary listing on A2X and the resultant benefits for investors,” said Brady.
South Africa’s largest retailer has survived the consistent economic lows the country has experienced including the Covid-19 pandemic and the ongoing power crisis in South Africa.
Shoprite Group will be joining 20 other companies, including Absa, Aspen, Discovery, Investec, Mr Price, Nedbank, Posts, Standard Bank, and Woolworth
The central vision of South Africa’s largest retailer
South Africa is known for its industrialization and progress throughout Africa. The country has grown exponentially, and its advances date back to 1923. Many claimed that South Africa will be among the first countries to pioneer the continent into a developed age.
In 1979, the Rogut Family started Shoprite with eight stores, but steadily grew the outlets over time. In 1990, they opened their first branch in Namibia and acquired the National Checkers chain the following year, and continued to expand its horizon beyond what others saw.
Soon Shoprite established additional branches across Africa to increase its reach and grow its activities. In 1995, it established another store in Lukasa, Zambia and acquired the centralized distribution company centre. This document held much significance then, meaning that Shoprite would act as the central buyer for 550 owned and managed supermarkets.
Over the years, South Africa’s largest retailer would continue to expand to different sectors, each providing and lining up their standard quota. In 2008, JSE added the Shoprite Group to its top 54 indexes of blue chips, marking its first entry into the stock exchange market.
Shoprite has significantly contributed to SA’s economic growth by expanding and incorporating other African countries. In 2019 it won the Proudly South African Brand Award as the best Grocery Store Category.
This officially marked Shoprite Group as SA’s largest retailer. In addition, this success is one of the main reasons it survived the sudden drop in activity when the Covid Pandemic struck.
Pieter Engelbrecht, Shoprite CEO, stated that this secondary listing will propel its plans to expand across other African nations.