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Stock markets: JSE goes public.

Johannesburg's 107-year-old stock exchange has demutualised and become a public company. The move allows the Johannesburg Securities Exchange to be listed and for a Black Economic Empowerment (BEE) deal to be negotiated. It was triggered by amendments to the Income Tax Act that removed the JSE's tax exempt status from July this year. Shares will be traded over the counter using the bourse's trading system and paid for through STRATE, its electronic settling system.

The public company has authorised 40m shares, with 8m in issue. Noted JSE chief executive Russell Loubser: "Demutualisation offers the JSE additional capital-raising opportunities and will allow us to more easily implement a broad-based BEE ownership strategy. It also lays the foundation for a listing of the JSE and puts us on a par with our international competitors."
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Title Annotation:Johannesburg stock exchange
Publication:African Business
Article Type:Brief Article
Geographic Code:6SOUT
Date:Aug 1, 2005
Words:132
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