New exchange launches with listing of R340m Ukhamba Holdings

Posted On Friday, 08 December 2017 16:00 Published by
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Equity Express Securities Exchange (EESE) today launched operations with the listing of Ukhamba Holdings Proprietary Limited, the broad-based black economic empowered partner of Imperial Holdings Limited. Ukhamba has a market capitalisation of R 340 million.


EESE is a licenced exchange with a unique offering to issuers with regulations applicable to the shares and is the fifth licenced exchange to commence operations in South Africa.

EESE CEO, Anthony Wilmot, says: “We are delighted to announce our first listing on the exchange.”  For the past four years the trading of Ukhamba shares was facilitated by Equity Express on an OTC basis. Ukhamba supported EESE’s stock exchange licence application which has ensured that the Equity Express trading platform could continue to be used in a listed environment.

Ukhamba Director, Berenice Francis, adds: “We congratulate EESE on this milestone in their business journey and thank them for their investment in ensuring a platform that addresses the need for inclusivity in financial markets. We trust that our shareholders will continue to find value in the user friendliness, reliability and access provided by our partnership with EESE.”

One of the critical elements in transferring to a listed environment was ensuring that the shareholder trading experience did not substantially change from the OTC environment. Together with Singular Systems, which provides support services and the technology to the exchange, EESE has worked hard at ensuring that the trading experience is simple and user friendly for the Ukhamba shareholders.

“As a licenced exchange adhering to the stock exchange directives of the Financial Services Board, we are pleased to now provide Ukhamba with regulatory certainty regarding their share trading activities,” says Wilmot. “In addition we are humbled by the faith and support Ukhamba has shown in being the first company to list on EESE and we trust the relationship for EESE, Ukhamba and Ukhamba’s shareholders grows from strength to strength going forward.”

One of EESE’s differentiators is its ability to regulate trading in restricted counters. Ukhamba restricts ownership and trading in its shares to only historically disadvantaged South Africans. This shareholding restriction is inherently enforced by the trading platform ensuring consistency of HDSA shareholders in Ukhamba. Notably the EESE trading system will prevent the trade from taking place if the shareholder does not meet the restrictions set by the issuer, which is unique to this exchange. This feature makes the exchange the perfect option for companies wishing to ensure that their B-BBEE share rules are consistently adhered to. 

Singular Systems has been appointed as the sole broker and verification agent to facilitate the trade in these shares. All shares in Ukhamba settle in a prefunded market on a T+0 basis and Nedbank acts as the Central Securities Depository Participant for this market.

Wilmot concludes: “We are delighted to welcome Ukhamba as our first listing on this exciting new exchange and we look forward to providing a secure, regulated platform for other restricted counters.” 

Last modified on Friday, 08 December 2017 16:17

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