Key Takeaways
- • Tharisa PLC completed requirements for a secondary listing on the Namibia Securities Exchange (NSX), with trading scheduled to commence Monday, 9 November under share code THR.
- • The listing gives Namibian institutional investors, including asset managers and pension funds required to maintain minimum domestic asset allocations, direct access to Tharisa's platinum group metals (PGM) and chrome exposure, which is not otherwise available on the NSX.
- • The FTSE NSX Capped Overall Index is heavily weighted towards financial stocks, with Anglo American currently its only resources constituent, according to Tharisa.
- • NSX shares will be the same fungible ordinary shares traded on the JSE, LSE and A2X, with transactions sourced through the JSE and transferred to the Namibian share register, keeping the JSE the primary price-discovery venue.
- • IJG Securities (Pty) Ltd is the NSX sponsor, and the listing is part of a broader capital markets programme aimed at widening demand and lowering the cost of capital as the Karo Platinum Project enters its capital deployment phase.
Summary
Tharisa PLC has completed the requirements for a secondary listing on the Namibia Securities Exchange (NSX), with trading scheduled to begin on Monday, 9 November under the share code THR, according to the Windhoek Observer. The company's primary listing remains on the Johannesburg Stock Exchange (JSE), with a secondary listing on the London Stock Exchange (LSE). Tharisa said the NSX listing would not affect these existing listings.
The listing is aimed primarily at Namibian institutional investors, particularly asset managers and pension funds that are required to maintain minimum domestic asset allocations. It gives them direct access to Tharisa's platinum group metals and chrome exposure, which the company said is currently unavailable through the NSX. The company noted that the FTSE NSX Capped Overall Index is heavily weighted towards financial stocks, with Anglo American its only resources constituent, and said the listing would allow Namibian investors to gain resources-sector exposure within their domestic allocations. Tharisa expects index-linked demand to grow as its market valuation and free-float market capitalisation increase.
Chief executive Phoevos Pouroulis said the move is part of efforts to broaden the investor base and improve access to capital, and that it aligns with the long-term investment horizon of Namibian pension funds. The company linked the listing to its growth strategy, including the Karo Platinum Project, which has entered its capital deployment phase.
Tharisa said the NSX shares will be the same fungible ordinary shares traded on the JSE, LSE and A2X, and that the listing is expected to attract new demand rather than fragment existing liquidity. NSX transactions will be sourced through the JSE and transferred to the Namibian share register rather than traded on an independent order book. The JSE will remain the principal venue for price discovery, and the Namibian dollar's one-to-one peg with the South African rand is expected to keep the NSX price closely aligned with the JSE price.
The company described the secondary listing as a cost-effective and relatively quick way to expand its investor base, with continuing NSX obligations derived from those of the JSE. IJG Securities (Pty) Ltd, which proposed the listing, will act as sponsor. Tharisa said the step is part of a broader programme of capital markets initiatives intended to widen demand for its shares and support the group's cost of capital as it advances its growth projects.
The listing is aimed primarily at Namibian institutional investors, particularly asset managers and pension funds that are required to maintain minimum domestic asset allocations. It gives them direct access to Tharisa's platinum group metals and chrome exposure, which the company said is currently unavailable through the NSX. The company noted that the FTSE NSX Capped Overall Index is heavily weighted towards financial stocks, with Anglo American its only resources constituent, and said the listing would allow Namibian investors to gain resources-sector exposure within their domestic allocations. Tharisa expects index-linked demand to grow as its market valuation and free-float market capitalisation increase.
Chief executive Phoevos Pouroulis said the move is part of efforts to broaden the investor base and improve access to capital, and that it aligns with the long-term investment horizon of Namibian pension funds. The company linked the listing to its growth strategy, including the Karo Platinum Project, which has entered its capital deployment phase.
Tharisa said the NSX shares will be the same fungible ordinary shares traded on the JSE, LSE and A2X, and that the listing is expected to attract new demand rather than fragment existing liquidity. NSX transactions will be sourced through the JSE and transferred to the Namibian share register rather than traded on an independent order book. The JSE will remain the principal venue for price discovery, and the Namibian dollar's one-to-one peg with the South African rand is expected to keep the NSX price closely aligned with the JSE price.
The company described the secondary listing as a cost-effective and relatively quick way to expand its investor base, with continuing NSX obligations derived from those of the JSE. IJG Securities (Pty) Ltd, which proposed the listing, will act as sponsor. Tharisa said the step is part of a broader programme of capital markets initiatives intended to widen demand for its shares and support the group's cost of capital as it advances its growth projects.
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