{"id":802575,"date":"2024-12-03T12:00:00","date_gmt":"2024-12-03T10:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=802575"},"modified":"2024-12-03T11:42:05","modified_gmt":"2024-12-03T09:42:05","slug":"boxer-lists-on-the-a2x","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/802575\/boxer-lists-on-the-a2x\/","title":{"rendered":"Boxer lists on the A2X"},"content":{"rendered":"\n<p>Boxer is the latest company to list on the A2X. <\/p>\n\n\n\n<p>Boxer is following Pick n Pay&#8217;s example with a secondary listing on A2X.<\/p>\n\n\n\n<p>Boxer began trading on the A2X on the same day that it was listed on the Main Board of the JSE &#8211; Thursday, 29 November 2024. <\/p>\n\n\n\n<p>Trading since the listing date has been brisk, with 830,000 shares being traded for a value of roughly R53 million.<\/p>\n\n\n\n<p>\u201cThe dual listing on the JSE and A2X signifies a significant step in Boxer\u2019s journey. A2X reinforces our strategy to optimise shareholder value,&#8221; said Boxer CEO Marek Masojada <\/p>\n\n\n\n<p>&#8220;With A2X\u2019s lower-cost structure and competitive trading environment, Boxer shareholders will gain from both increased liquidity and trading options.\u201d<\/p>\n\n\n\n<p>\u201cWe are excited to welcome Boxer to A2X. Boxer\u2019s strong brand and community-focused approach align with our mission to provide companies and investors with a cost-effective, alternative trading venue,&#8221; added A2X CEO Kevin Brady. <\/p>\n\n\n\n<p>Boxer is a leader in the discount grocery sector, with roughly 68% of the market and a 4.2% share of the broader formal grocery market. <\/p>\n\n\n\n<p>In its most recent financial year, annual turnover reached R37.4 billion and trading profit reached R2.1 billion.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Business Talk \u2013 A2X CEO Kevin Brady on the exchange\u2019s record-breaking trading volumes\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Bvy9Ecsm_L8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Helping Pick n Pay <\/strong><\/p>\n\n\n\n<p>The listing of Boxer formed part of Pick n Pay&#8217;s two-step Recapitalisation Plan, which significantly boosted its balance sheet. <\/p>\n\n\n\n<p>In its full-year results for the year that ended 25 February 2024, Pick n Pay&#8217;s profit dropped by 373% as it swung from a R1.17 billion profit in the prior year to a R3.2 billion net loss.<\/p>\n\n\n\n<p>The group had even become technically insolvent for the first time in its listed history (a position that has now reversed). <\/p>\n\n\n\n<p>The company\u2019s net debt-to-EBITDA increased from 1.1 to 6.3 times, and the group breached all its debt covenants.<\/p>\n\n\n\n<p>The group was in desperate need of cash and returning CEO Sean Summers initiated a two-step plan. <\/p>\n\n\n\n<p>The first step was a rights offer in Pick n Pay in August. The rights offer was more than double oversubscribed and raised R4 billion. <\/p>\n\n\n\n<p>The second step saw the listing of Boxer. Boxer shares valued at R8.5 billion were\u00a0placed at\u00a0the top end of the guide price, at\u00a0R54 each. <\/p>\n\n\n\n<p>Pick n Pay has also retained over 60% of Boxer. <\/p>\n\n\n\n<p>\u201cRetaining a\u00a0+60% stake in Boxer secures an investment in a highly attractive and valuable growth engine while raising the capital necessary to\u00a0settle our long-term debt and\u00a0invest in\u00a0Pick n Pay\u2019s core supermarket business,&#8221; said Pick n Pay CEO Sean Summers. <\/p>\n\n\n\n<p>Notably, Boxer, which has now reached over R30 billion, is worth more than Pick n Pay, which has a market cap of around R23 billion. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"gyhXPXSHjh\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/800726\/shoprite-and-pick-n-pays-next-power-moves\/\">Shoprite and Pick n Pay&#8217;s next power moves<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Shoprite and Pick n Pay&#8217;s next power moves&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/800726\/shoprite-and-pick-n-pays-next-power-moves\/embed\/#?secret=APJlLW66dX#?secret=gyhXPXSHjh\" data-secret=\"gyhXPXSHjh\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/business\/802547\/international-icon-closing-its-doors-in-south-africa\/\">International icon closing its doors in South Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On top of its listing on the JSE, Boxer shares are also being traded on the A2X. <\/p>\n","protected":false},"author":95,"featured_media":801153,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[12410,26],"class_list":["post-802575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-a2x","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/802575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=802575"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/802575\/revisions"}],"predecessor-version":[{"id":802612,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/802575\/revisions\/802612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/801153"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=802575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=802575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=802575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}