25th Apr 2024 14:30
(Alliance News) - Marula Mining PLC on Thursday said it has begun trading its shares on A2X Proprietary Ltd, which is an independent stock exchange in South Africa.
The Africa-focused miner noted A2X is licensed and regulated in South Africa and provides a secondary platform for companies to trade.
It said the secondary listing will enlarge its shareholder base and provide South African investors with an opportunity to invest in the company.
Marula Mining said it will retain its primary listing on the Growth Market of the Aquis Stock Exchange in London, while continuing to seek a dual listing on the Johannesburg Stock Exchange.
AcaciaCap Advisors (Pty) Ltd was engaged as sponsor to manage and fast-track the A2X listing process,
Marula Mining added.
"Marula's secondary listing on A2X marks an important step ahead in our journey, expanding our investor base and creating potential for strategic acquisitions in South Africa. Our listing on A2X makes investing and trading in our shares easier, increasing accessibility and liquidity, as we have a large South African shareholder base ready to participate," said Marula Mining Chief Executive Officer Jason Brewer.
"This secondary listing complements our continuous efforts towards listing on the Johannesburg Stock Exchange and transitioning our primary listing on the London Stock Exchange to the Standard Segment of the Main Market. These strategic decisions are consistent with our main goal of strengthening Marula's position as a leading figure in the mining sector, creating value for our stakeholders, and promoting sustainable development in the communities where we operate."
A2X CEO Kevin Brady commented: "This marks a significant milestone as the second inward listing on A2X. We anticipate that A2X will enhance investment opportunities for the South African market."
Shares in Marula Mining were up 2.2% to 9.20 pence each on AQSE in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.