Momentum Metropolitan Holdings (share code: MTM) has been approved for a secondary listing on A2X Markets and will list on 5 August 2020. Momentum Metropolitan will retain its listings on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange and the Group’s issued share capital will be unaffected by its secondary listing on A2X.

Momentum Metropolitan is one of the largest life insurance and integrated financial services companies in South Africa. The company provides long and short-term insurance, asset management services, investments and savings products, healthcare administration, health risk management, employee benefits and Multiply, a wellness and rewards programme.

Commenting on next week’s listing, Momentum Metropolitan Group Finance Director Risto Ketola said, “As a major participant in South African financial markets, we are committed to support initiatives that drive down the frictional costs in financial market transactions and we believe that the listing on A2X is part of that commitment. We also believe that healthy competition is to everyone’s benefit and supporting multiple local exchanges aids to increase competitiveness in this space.”

A2X CEO, Kevin Brady said, “We are delighted to welcome Momentum Metropolitan to A2X. As a large player in the financial services and asset management industry, this listing sends an important message of support for the benefits of a competitive and progressive capital markets industry in South Africa.”

Brady added “Our experience has shown that by reducing friction costs in the form of lower exchange fees, the quality of the market improves – as measured by increased liquidity and narrower spreads. This leads to important savings for the end investor”.

The Momentum Metropolitan listing will bring the number of securities available for trade on A2X to 38 with a combined market capitalisation of more than R2.2 trillion. A2X has listings from many key sectors, including media, property, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications.

A2X is a licensed stock exchange which provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act. A2X began trading in October 2017 and has eight approved brokers, including five of the top six largest brokers as measured by value traded.