The Corporate and Investment Banking division of Absa Bank Limited (Absa), a member of Barclays Bank Plc, has welcomed the completion of mining and trading group Glencore Xstrata Plc’s (Glencore) inward listing on the Johannesburg Stock Exchange’s (JSE) main board.
The listing comes after Glencore announced at its investor day in September that it was to seek a listing in South Africa in addition to its primary listing on the London Stock Exchange and secondary listing in Hong Kong.
The JSE listing will make investment in Glencore more accessible to South African investors through its classification as a ‘domestic’ equity. The JSE listed shares are fully fungible with those listed in both London and Hong Kong.
Absa acted as the sole sponsor and joint financial advisor to Glencore, in one of the most high profile listings on the JSE in recent times, further confirming the JSE’s position among the world’s leading stock exchanges.
“We are delighted to have worked with Glencore during the JSE listing process. This high profile listing involving a large global client proves once again that Absa has the expertise and capacity to deliver local solutions to its global clients’ African expansion strategies and help them prosper,” says Richard Stout, head of Equity Capital Markets, at Absa.
“We have historically enjoyed a strong relationship with Glencore, through the work that Barclays has done for the group globally and we believe this listing further cements that relationship,” added Stout.
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About Corporate and Investment Banking at Absa:
Absa Bank Limited (acting through its Corporate and Investment Banking division), a member of Barclays Bank Plc, is a leading South African corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.