British giant launching on the JSE next week

UK-Based Assura is set to list on the Johannesburg Stock Exchange (JSE) next week.

Assura is a diversified healthcare REIT. It manages over 600 healthcare buildings and services over six million patients annually.

The group’s portfolio is valued at £3.2 billion (R75 billion).

The group has been listed on the London Stock Exchange (LSE) since 2003.

“The company’s buildings support the trend of moving a greater range of services out of hospital into a community setting and recent areas of strategic expansion have included diagnostic treatment centres for NHS Trusts,” said the group.

The group’s latest financial results were also strong, with the company’s portfolio of 625 properties seeing an annualised rent roll of £179.1 million (R4.1 billion).

It also completed the acquisition of 14 private hospitals for £500m (R11 billion) with day one rental income of £29.4 million (R680 million).

Three developments have been completed with a total combined spend of £46 million (R1 billion).

Assura also recently sold 12 assets for cash proceeds of £25 million (R580 million), with five developments with a total cost of £44 million (R1 billion)and £27 million (R625 billion) remaining to be spent.

The group also revealed its rationale for its listing on the main board of the JSE:

• Broaden the Company’s shareholder base with new South African investors;

• Give South African investors a local platform to more easily invest in and trade Assura shares;

• Increase liquidity for shareholders and

• Diversify the Company’s shareholder base and position it for future growth.

The Financial Surveillance Department of the South African Reserve Bank has already approved Assura’s secondary listing on the JSE’s Main Board, which will be classified as ‘domestic’.

The company is using the fast-track listing process, which the JSE introduced for companies seeking a secondary listing in South Africa.

This system was designed to make it easier for companies already listed on accredited exchanges such as the London Stock Exchange to access the South African capital markets in a much shorter timeframe.

Assura will retain its primary listing on the LSE’s Main Market, and shares traded on the JSE will be fully fungible with those on the LSE.

The listing and commencement of trading of Assura ordinary shares on the Main Board of the JSE will start at 09h00 on Thursday, 21 November.

The latest to join

Assura is now the latest company to join the Johannesburg Stock Exchange following years of delistings on the stock market.

Pick n Pay recently unbundled its Boxer business as part of a capital-raising initiative.

Boxer has been one of the group’s stand-out performers but was not able to stop the retailer from a R827.4 million loss for the interim period of 26 weeks ending 25 August 2024.

Other additions to the JSE this year include We Buy Cars, Rainbow Chicken and AltVest.

Looking ahead, Christo Wiese-backed Brait also plans to list Virgin Active on the London and Johannesburg stock exchanges in 2026.

Read: Big tolls announcement for South Africans planning to travel on the N4 next month