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Balwin Properties, a residential property developer based in Johannesburg and led by South African tycoon Stephen Brookes, has revealed its intention to register a secondary listing on A2X Markets.
Starting on Feb. 28, investors will be able to trade the company’s shares on the alternative market. This move will supplement the company’s existing primary listing on the Johannesburg Stock Exchange (JSE).
“We are pleased to be complementing Balwin’s existing listing on the JSE with a secondary listing on A2X,” Balwin CEO Stephen Brookes said in a recent announcement. “This listing offers investors greater access to our shares and could potentially attract new investors through the lower trading costs offered on the A2X platform.”
In addition to providing an additional platform for investors to trade the company’s shares, the planned listing on A2X will provide additional liquidity and narrower spreads for investors interested in buying or trading the company’s shares.
While Balwin Properties will continue to trade on the JSE, the planned listing will bring the total number of instruments available for trade on A2X to 95, with a combined market capitalization of approximately R6.7 trillion ($368 billion).
Stephen Brookes’ stake in Balwin is worth $32.4 million
Balwin is a large-scale estate developer in South Africa for people with low-to-middle incomes. It offers residents high-quality, environmentally friendly, and affordable apartments, as well as an innovative lifestyle program.
Brookes, who founded Balwin Properties in 1996, is the company’s largest shareholder, with 170,374,031 shares, or a 36.08 percent stake. His stake in the South African real estate developer is worth R591.7 million ($32.46 million).
Balwin Properties will join Naspers, Nedbank, Nepi Rockcastle, Prosus, Remgro, Sanlam, Sasol, Standard Bank, Aspen, Exxaro, Implats, Investec Ltd., Mr Price, Investec Plc, Attacq, Fairvest, Growthpoint Properties, and Hyprop Investments, which all have secondary listings on the exchange.
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