Other well-known retailers with secondary listings on the platform include Mr Price, Truworths, Shoprite, Pick n Pay and Woolworths. Photographer: Armand Hough
The Foschini Group Limited (TFG) will list its shares for trade on the stock exchange A2X Markets from October 10, 2023, a statement said yesterday.
A2X provides a secondary platform for companies to list their shares for trade. Other well-known retailers with secondary listings on the platform include Mr Price, Truworths, Shoprite, Pick n Pay and Woolworths.
TFG is South Africa’s leading speciality retail group and has a unique portfolio of brands, geographic reach and customer retention initiatives both in South Africa, the UK and Australia which include over 4 600 outlets, 34 brands, 46 500 employees and 30 million TFG Rewards customers.
TFG CEO Anthony Thunström said they were continually looking for new ways to add value to our customers and shareholders.
“As such, we are pleased to complement our JSE primary listing with the secondary listing on A2X. The listing will provide our shareholders with an opportunity to transact on an additional venue which is potentially more cost effective.”
A2X CEO Kevin Brady said: “TFG has been home to some of South Africa’s most recognised and loved retail brands for almost 100 years…We are pleased to be providing TFG shareholders with the option to transact on a lower cost platform and provide them with increased liquidity in South Africa.”
The listing will bring the number of instruments listed on A2X to 181 with a combined market capitalisation of around R9 trillion.
TFG retains its primary listing on the Johannesburg Stock Exchange (JSE) and its issued share capital will be unaffected by its secondary listing on A2X.
There is no cost, risk or additional regulation to secondary list, and the A2X Markets listing provides a company’s shareholders with the opportunity to save money when they transact by taking advantage of the platform’s low fee structure, narrower spreads and increased liquidity.
Launched in 2017, A2X’s instruments include 30 of the JSE’s top 40 constituents.
For the 22 weeks to August 26, 2023, TFG’s group retail turnover grew 11.3% over the same period a year before, with TFG Africa retail turnover growing 16.1% and like-for-like retail growth of 3.3%.
TFG London’s retail turnover fell 12.4% off a high Covid-19 based, while TFG Australia’s retail turnover fell 6.6% off a post Covid-10 record. Group online turnover grew 23.2%.
For the six months to September 30, earnings were expected to be between 15% and 25% lower than the same time a year earlier. Directors described the outlook for the rest of the financial year as challenging.
BUSINESS REPORT