JSE Limited, the operator of the Johannesburg Stock Exchange (JSE), Africa’s largest, multi-asset class stock exchange, is pleased to announce that it has received approval from the Competition Tribunal to acquire a majority stake in Link Market Services South Africa (Proprietary) Limited (“Link SA”). The Tribunal’s approval is subject to various conditions that will be communicated in due course.
JSE Limited will acquire a 74.85% shareholding in Link SA for a cash amount of R224,5m, with Link SA’s Black Economic Empowerment (BEE) shareholder retaining the remaining 25.15%. The transaction is expected to be concluded on or about 2 November 2020.
Link SA is the second largest share registry business in South Africa, and has a client base that includes six of the top 40 issuers. Link SA primarily offers transfer secretarial and registry services, including registry maintenance (e.g., maintaining companies’ share registers), treasury services (e.g., calculating and managing the payment of dividends and distributions for companies), and corporate actions (e.g., planning and managing rights issues, elections and dividend payments on behalf of companies).
JSE CEO, Leila Fourie says, “I am very pleased with the positive outcome from the Competition Tribunal. This acquisition paves the way to exciting new opportunities in the issuer services space. The Link SA acquisition is part of the JSE’s ongoing strategy to grow sustainably and diversify its revenue.” Through Link SA, the JSE intends to introduce products and services to corporate entities in South Africa with a focus on shareholder communication and engagement.
ABOUT THE JSE
The Johannesburg Stock Exchange (JSE) has a well-established history operating as a market place for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself as being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent. The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 130 years.
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