City Lodge Hotels to list on A2X

Posted On Wednesday, 04 March 2020 14:43 Published by
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City Lodge Hotels Limited (share code: CLH) has been approved for a secondary listing on A2X Markets on Wednesday 11 March 2020. 

City Lodge Hotels to list on A2X

The City Lodge Hotel Group is South Africa's leading selected services hotel chain that owns well known South African lodging brands such as Road Lodge, Town Lodge, City Lodge Hotel and Courtyard Hotel and Fairview in Kenya. The group owns more than 7,000 rooms and offers accommodation across South Africa, Kenya, Namibia, Tanzania, Botswana and Mozambique.

City Lodge Hotel Group CEO Andrew Widegger said, “At City Lodge we care for our shareholders, for the money that they invest in our company and for the trust that they have placed in us to grow their money wisely. We see this secondary listing not only as a way to save our investors’ money through A2X’s low cost structure but also as an opportunity to attract potential new investors.”

A2X CEO, Kevin Brady said, “City Lodge has been a leading South African brand for over three decades and we are delighted to have their shares available for trade on our platform. They will be the first hotel group to benefit from a secondary listing on A2X as our low fee structure has been shown to narrow spreads and attract new liquidity thus helping to grow the overall market.”

The City Lodge Hotel Group listing will bring the number of securities available for trade on A2X to 35 with a combined market capitalisation of about R2 trillion. A2X has listings from many key sectors, including media, mining, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications. In addition, A2X has also attracted listings in exchange traded products including Absa’s three precious metal exchange traded funds and Investec’s exchange traded notes.

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.

Last modified on Wednesday, 04 March 2020 14:57

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