Tharisa lists on NSX to attract Namibian pension fund investment

CHAMWE KAIRA

Tharisa PLC has completed the requirements for a secondary listing on the Namibia Securities Exchange (NSX), with trading scheduled to commence on Monday, 9 November, under the share code THR.

The listing will give Namibian institutional investors direct access to the company’s platinum group metals (PGM) and chrome exposure, which is currently not available through the NSX.

Tharisa, which has its primary listing on the Johannesburg Stock Exchange (JSE) and a secondary listing on the London Stock Exchange (LSE), said the NSX listing would not affect its existing listings, with the JSE remaining the primary market for its ordinary shares.

The company said the additional listing was intended to broaden and diversify its shareholder base, improve share liquidity and attract demand from Namibian institutional investors, particularly asset managers and pension funds required to maintain minimum domestic asset allocations.

Tharisa said its NSX listing would give Namibian investors an opportunity to gain exposure to the resources sector within their domestic investment allocations.

The company noted that the FTSE NSX Capped Overall Index is heavily weighted towards financial stocks, with Anglo American currently its only resources constituent.

It expects demand from Namibian institutional investors to provide additional support for its shares, with index-linked demand potentially increasing as its market valuation and free-float market capitalisation grow.

Tharisa chief executive Phoevos Pouroulis said the listing was part of the company’s efforts to broaden its investor base and improve access to capital.

He said the move would provide Namibian institutional investors with access to a platinum group metals and chrome producer while aligning with the long-term investment horizon of Namibian pension funds.

The company said the listing was also aligned with its growth strategy, including the development of the Karo Platinum Project, which has entered its capital deployment phase.

Tharisa said the additional listing was expected to attract new demand rather than fragment existing liquidity because the shares traded on the NSX would be the same fungible ordinary shares traded on the JSE, LSE and A2X.

NSX transactions are expected to be sourced through the JSE and transferred to the Namibian share register, rather than traded through an independent order book.

The JSE will therefore remain the principal venue for price discovery, while the Namibian dollar’s one-to-one peg with the South African rand is expected to keep the NSX share price closely aligned with the JSE price.

The company said the secondary listing was a cost-effective and relatively quick way to expand its investor base, with its continuing obligations on the NSX derived from those of the JSE.

The listing follows a proposal from IJG Securities (Pty) Ltd, which will serve as Tharisa’s NSX sponsor.

Tharisa said the move formed part of a broader programme of capital markets initiatives aimed at widening demand for its shares and supporting the group’s cost of capital as it advances its growth projects.