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Finbond Group Limited (JSE: FGL) today moved from AltX to the JSE’s Main Board. South African financial services institution Finbond specialises in the design and delivery of value and solution based savings, credit and insurance solutions.
“The transfer to the Main Board is another important milestone in the growth and development of Finbond Group Limited that we are indeed very proud of,” says Dr Willie van Aardt, CEO of Finbond. Finbond listed on AltX in 2007 and the company’s market capitalization has since climbed to just over R1.82 billion.
Zeona Jacobs, Director of Issuer and Investor Relations at the JSE, says the JSE regards each company moving from AltX to the Main Board as a demonstration of the success of AltX. “We believe a listing on AltX can make a positive contribution to the growth of companies. A listing on AltX not only allows companies to raise capital, but also provides them with greater opportunities for profiling and enhanced relations with stakeholders including banks, suppliers, distributers and customers.”
JSE research amongst AltX executives strongly indicate that they believe that their listing has helped them meet their objectives with over 92% indicating that they made acquisitions after their listing, which shows that AltX is a catalyst for growth.
AltX celebrated its 10th anniversary in October last year. Finbond will be the 23rd company to migrate to the Main Board since the inception of AltX. There are currently 386 companies listed on the JSE with a total current market capitalisation of almost R10.83 trillion.
