Tharisa lists on Namibia Securities Exchange to attract pension fund investment

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. This move is part of the company's efforts to broaden and diversify its shareholder base. The listing will give Namibian institutional investors direct access to the company's platinum group metals (PGM) and chrome exposure.

The NSX listing will not affect Tharisa's existing listings on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE). The JSE will remain the primary market for its ordinary shares. Tharisa's primary listing is on the JSE, and it also has a secondary listing on the LSE. The additional listing is intended to improve share liquidity and attract demand from Namibian institutional investors, particularly asset managers and pension funds.

The listing is expected to give Namibian investors an opportunity to gain exposure to the resources sector within their domestic investment allocations. The FTSE NSX Capped Overall Index is heavily weighted towards financial stocks, with Anglo American currently its only resources constituent. Tharisa expects demand from Namibian institutional investors to provide additional support for its shares.

Tharisa chief executive Phoevos Pouroulis said the listing would provide Namibian institutional investors with access to a platinum group metals and chrome producer. The move aligns with the long-term investment horizon of Namibian pension funds. The listing is also aligned with Tharisa's growth strategy, including the development of the Karo Platinum Project, which has entered its capital deployment phase.

The additional listing is expected to attract new demand rather than fragment existing liquidity. The shares traded on the NSX will 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 remain the principal venue for price discovery. 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 secondary listing is a cost-effective and relatively quick way to expand Tharisa's investor base.

The listing follows a proposal from IJG Securities (Pty) Ltd, which will serve as Tharisa's NSX sponsor. The move forms part of a broader programme of capital markets initiatives aimed at widening demand for Tharisa's shares and supporting the group's cost of capital as it advances its growth projects.

Key points

• Tharisa PLC has completed a secondary listing on the Namibia Securities Exchange to attract Namibian pension fund investment.
• The listing will give Namibian institutional investors direct access to Tharisa's platinum group metals and chrome exposure.
• The move is expected to broaden and diversify Tharisa's shareholder base and improve share liquidity.