In August 2014, the Johannesburg Stock Exchange (JSE) announced amendments to its Listing Requirements. The amendments came into force on 1 October 2014. One of the key amendments to the Listing Requirements is the introduction of a fast-track secondary listing procedure for companies with a primary listing on accredited exchanges wishing to list on the JSE’s Main Board or on the AltX.

Companies with a primary listing on the ASX, the LSE, the TSX, and the NYSE and NYSE Euronext qualify for the fast-track procedure. The qualifying companies must have been listed on the accredited exchange for at least 18 months.

In terms of the fast-track listing procedure, qualifying companies will no longer be required to produce a pre-listing statement. Instead, a pre-listing announcement disclosing among others, the company’s prospects, market capitalization, number and class of securities in respect of the listing will now be required. The fast-track listing process is expected to expedite the secondary listing process in South Africa.

Written by Nicola Jackson and Isaac Munyuki, Fasken Martineau

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