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Consortium plans to set up South Africa’s 2nd bourse
JOHANNESBURG (Reuters) – A consortium led by Bravura Equity Services plans to set up a stock exchange in South Africa for companies that are currently trading their shares on the over-the-counter platform, the company said on Thursday.If granted, the proposed bourse would be the second exchange after the more than a century old Johannesburg Stock Exchange (JSE) – Africa’s biggest and most liquid stock market.The mooted bourse would also add another layer in the Africa’s most advanced economy’s capital market system that might provide an alternative to companies in start-up stages.Johannesburg-based Bravura, a niche investment bank and advisory firm, said it would apply to the regulatory agency Financial Services Board to register 4AX as a bourse.”The listing requirements and exchange rules have been drafted based on developing market exchanges of a similar size, providing companies as issuers with a less onerous regulatory environment,” Bravura said in statement posted on its website.Companies that are trading their shares on the over-the-counter (OTC) market include agricultural services firms Senwes and NWK Group, as well as, wine producer KWV. It was unclear how many are trading their shares on this platform because South Africa does not have regulated OTC exchange.