Glencore Xstrata’s ordinary shares started trading on the main board of the JSE on 13 November 2013, writes Vicky Sidler.“Our listing on the JSE is a significant step for Glencore. It not only deepens our relationship with South Africa, it highlights our confidence in Africa as a place to invest. We welcome our new stakeholders and look forward to building long-term mutually beneficial relationships with them,” said Ivan Glasenberg, Glencore Xstrata CEO. With a global market capitalisation of 732 billion rand (about $70 billion), the company is among the top three largest listed on the exchange. This will be Glencore’s third listing with its primary listing on the London Stock Exchange (LSE) and having a secondary quote on the Hong Kong Stock Exchange (HKEx).
The head of JSE, Nicky Newton-King, welcomed the listing as a “huge accolade” for the exchange and “reflects well on South African financial markets.”Glencore which runs more than 150 mines, offshore oil production assets and agricultural outfits worldwide, operates ferrochrome, platinum group metals and coal mines in South Africa. Glencore is the 10th company to be listed on the JSE since the beginning of the year.