Grand Central owner looks to boost global investment appeal

SHOPPING centre company Hammerson – part-owner of both the Bullring Shopping Centre and Grand Central – is moving to broaden its global shareholder appeal by a secondary listing on the Johannesburg Stock Exchange.

The company is pursuing the secondary inward listing of all of its issued ordinary shares to improve liquidity and trading and encourage investors from other parts of the world to invest in its property portfolio.

In an update to its primary listing on the London Stock Exchange, the company said developments towards the secondary listing were at an advanced stage.

The Financial Surveillance Department of the South African Reserve Bank has approved the listing and classified it as domestic for exchange control purposes.

The new listing, which is expected to take place on September 1, is subject to receipt of formal approval from the JSE. It is anticipated that a full pre-listing announcement will be released on the stock exchange’s news service next Thursday (August 25).

“Hammerson is pursuing the secondary listing in order to improve the depth and spread of the shareholder base of the company, thereby improving liquidity and tradability of its shares and ensuring the company is accessing a wider pool of international capital,” it said.

“The listing will provide South African investors, both institutional and private, with an opportunity to participate in the future income and capital performance of the company.”