The JSE Securities Exchange (JSE) on Wednesday got its first foreign listing, following the relaxing of exchange controls announced earlier in 2004, when platinum-miner Aquarius Platinum listed on the bourse.
However, by 10.10am Aquarius Platinum’s share on the JSE was untraded, with the share bid at R26.
Aquarius Platinum’s counter on the JSE is likely to remain illiquid as an investor in South Africa, seeking to buy Aquarius Platinum stock, will have to request a broker to import Aquarius shares from London.
Aquarius did not list any new shares on the JSE on Wednesday as it does not need to raise new funding following its recent empowerment transaction, which saw Savannah Resources buy a 29,5% stake in Aquarius Platinum South Africa for R860-million.
Foreign listings became possible after Minister of Finance Trevor Manuel’s announcement in February this year of the South African government’s decision to relax the rules for non-South African registered companies, allowing them to obtain a listing on the JSE.
“Our former subsidiary Kroondal Platinum mines was one of the most successful listings on the JSE, but when it was re-absorbed into the Aquarius Platinum group, regulations at that time did not allow for a dual listing,” Aquarius Platinum CEO Stuart Murray said.
“As a result, many potential South African shareholders missed out on the phenomenal growth of this company. Going forward, though, South African investors are now in a position — on a par with our shareholders on the Australian and London stock exchanges — to share in our continued growth,” he added.
Aquarius has platinum group metal mining interests in South Africa and Zimbabwe.
The company’s primary listing is on the Australian Stock Exchange, with a secondary listing on the London Stock Exchange and a Level 1 American Depository Receipt programme in the United States. — I-Net Bridge