Richemont to Open Secondary Listing in South Africa
17 March 2023 - 6:05PM
Dow Jones News
By Joshua Kirby
Swiss luxury-goods giant Compagnie Financiere Richemont SA is to
open a secondary share listing in South Africa, replacing a
depository receipt program in the country in a bid to reduce
complexity and streamline trading.
If the process is approved, 'A' shares will trade via a
secondary listing on the Johannesburg exchange, Richemont said
Friday.
The group, whose chairman is South African billionaire Johann
Rupert, will end its existing South Africa depository-receipt
programme, with one 'A' share exchanged for every 10 depository
receipts held.
The program was originally set up to comply with South African
exchange-control rules that no longer apply, and a new listing
would facilitate cross-border trading of 'A' shares, as well as
reducing complexity for the company, Richemont said.
The listing should go ahead next month, said Richemont, which
owns jewelers Cartier and Van Cleef & Arpels.
Under Richemont's structure, 'A' shareholders hold the majority
of the company's share capital, but the Rupert family controls 50%
of voting rights through their possession of 'B' shares. The
company batted off an effort last year by an activist investor to
introduce its own 'A' shareholder representative to the group's
board of directors and to rebalance 'A' and 'B' representation on
the board.
Richemont's primary listing is on the SIX Swiss Exchange.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 17, 2023 02:50 ET (06:50 GMT)
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