Just when you thought you’ve seen it all, the Mother City pulls another rabbit out of the hat – this will be the first time since 1906 that Cape Town will have a stock exchange.
Alternative stock exchange 4 Africa Exchange (4AX) is rebranding to become the Cape Town Stock Exchange, and will relocate to Cape Town next month while the name change will also become effective during this time.
“We’re looking forward to making our home in one of the world’s favourite cities. Much like our business, Cape Town is synonymous with growth, innovation, and a focus on technological development, so we know it’s going to be a great fit,” says the group’s CEO Eugene Booysen as per Business Insider.
Booysen adds that this shift forms part of its effort to intensify the focus on small-and medium-sized companies: “We believe that these growing enterprises offer huge potential to investors. They and the people who make them tick, are this country’s real assets.”
He further notes that the move to Cape Town also brings it closer to the head offices of several institutional investors, many of which are based in the city. And even though the exchange will be Cape Town-based, this doesn’t mean it will only be aiming to list the companies in the area, as Booysen focuses on growth.
“We are looking for growth companies. Companies that are going to redefine the South African and the African landscape over the next ten years.”
The group has a “really good pipeline” of potential new listings that are expected to double its market capitalisation by February, TimesLive adds.
Meanwhile, South Africans have entered into a heated debate, questioning if this now means that Cape Town is moving towards “independence”. Here are some of the tweets floating around the web:
“If cpt becomes a country I’m going there, I’m moving”
“Does this tie into the whole Cape Independence thing? The whole “a country within a country” separatist agenda?”
“Cape Town will be independent very soon its going there.”
“Soon they’ll have their own president.”
“Well done Cape Town. Seems like we’re moving differently”
“I have been saying that Cape Town is overseas”
“We’re getting Closer to the Republic of the Western Cape.”
However, one Twitter user was quick to respond to this by saying:
“Nope. It’s a stock exchange based in CPT. Like the JSE is based in JHB. But stock exchanges around the world are open to anyone to invest or trade on. Pple see CPT and that’s all they focus on.”