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Tharisa Secures A Secondary Listing On Namibia’s Stock Exchange
Namibian institutional investors can now access shares in international platinum group metals and chrome producer,Tharisa plc through the Namibia Securities Exchange (NSX), following the company's admission to the local bourse.
The mining and metals company, Tharisa plc, which produces Platinum Group Metals (PGMs) and chrome concentrates at its Tharisa Mine in South Africa, has obtained a secondary listing on the Namibia Securities Exchange (NSX), giving Namibian institutional investors access to shares in its mining operations.
The Cyprus-incorporated mining group commenced trading on the NSX Main Board on Monday, under the share code THR, after completing the requirements for its secondary listing.
The listing gives Namibian pension funds and asset managers direct access to Tharisa's PGM and chrome exposure, which the company said was not previously available through the local exchange.
Tharisa said its shares would qualify as Namibian assets, subject to applicable regulatory limits, supporting pension funds and asset managers required to maintain a minimum proportion of their portfolios in domestic investments.
The listing also adds another resources company to an exchange whose Financial Times Stock Exchange Namibia Securities Exchange Capped Overall Index (FTSE NSX Capped Overall Index) is weighted towards financial stocks, with Anglo American being its only resources constituent.
Tharisa's Chief Executive Officer, Phoevos Pouroulis said the listing formed part of the group's efforts to broaden and diversify its investor base while attracting additional demand for its shares.
He added that the long-term investment horizon of Namibian pension capital was aligned with the company's growth strategy, including the development of its Karo Platinum Project in Zimbabwe.
Tharisa said the additional listing was not expected to divide existing trading liquidity because the shares traded on the NSX would be the same ordinary shares available on the Johannesburg Stock Exchange (JSE), London Stock Exchange (LSE) and A2X Markets.
Transactions on the NSX are expected to be sourced through the JSE and transferred to the Namibian share register, leaving the JSE as the principal venue for price discovery.
