25 May 2011
Lonrho, a conglomerate that operates in 17 sub-Saharan African countries, has secured a secondary listing on the JSE’s AltX, a parallel market focused on quality, high-growth companies.
Lonrho has a primary listing on the London Stock Exchange, and has business dealings in agribusiness, infrastructure, transportation, hotels, and support services.
The company has a long history of operating on the African continent and believes these sectors offer significant opportunities for growth and unique exposure to economic development across sub-Saharan Africa.
It was previously listed on the Venture Capital Market of the JSE.
“Lonrho welcomes the move to the AltX market of the JSE as a natural reflection of progress as the company continues to grow,” Lonrho executive chairman David Lenigas said in a statement last week.
“We remain focused on achieving further significant growth going forward as we continue developing our key divisions and expanding our presence across sub-Saharan Africa.”
According to the statement, the board of Lonrho considers the transfer of the secondary listing from the JSE Venture Capital Market to AltX as a natural reflection of the ongoing development of the company, and sees the AltX as a stronger exchange on which Lonrho shares can be traded in South Africa.
“We are delighted to welcome Lonrho to AltX because they provide investors with an opportunity to invest in a diversified African company,” said JSE head of marketing and business development Noah Greenhill. “We are confident that Lonrho will have a successful listing on AltX.”
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