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(Sharecast News) - Greencoat Renewables announced on Wednesday that it has secured approval for a secondary listing on the Johannesburg Stock Exchange's Alternative Exchange (AltX), with trading set to start on 9 June.
The AIM-traded renewable infrastructure investor said the listing would be carried out by way of introduction, and would not involve the issue of new shares.
It is already listed on the Euronext Growth Market in Dublin alongside London's AIM, and said the new additional listing was aimed at improving share liquidity, broadening its shareholder base, and supporting long-term growth by accessing South Africa's capital markets.
Greencoat said it saw the inward listing as a strategic step to enhance its profile in new markets while maintaining its primary listings in Europe.
A pre-listing announcement had been made available via the Johannesburg Stock Exchange's news service and the company's website.
"We are delighted to have been granted approval for a secondary listing on the JSE," said non-executive chairman Ronan Murphy.
"Greencoat Renewables' return profile offers an attractive proposition to South African investors who we look forward to welcoming onto our share register.
"Our listing on the JSE further demonstrates our innovative and proactive approach to improving liquidity."
At 1416 BST, shares in Greencoat Renewables were up 1.1% at 0.73p.
Reporting by Josh White for Sharecast.com.
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