ITL - Intercontinental Trust Limited
New York London Mauritius Hong Kong

4AX – New Bourse successfully launches inaugural two listings


As mentioned in past issues of our newsletters, ITL is one of the proud promoters of 4 Africa Exchange Proprietary Limited (4AX), a groundbreaking new bourse for which an exchange licence was successfully filed and obtained from the Financial Services Board (FSB) on 1st September 2016.


ITL is excited to inform that 4AX has reached a new milestone as it completed its first two listings on 28th September 2017, and is now open for trade. The new bourse’s first two listings were NWK Limited and NWK Holdings Limited respectively. 


The event received much media coverage and below is one of the articles released in this connection, while we also look forward to the realization of more listings which are already in the pipeline. 


"NWK companies list on 4AX


South Africa’s newest stock exchange 4 Africa Exchange (4AX) officially opened for trade on Thursday, welcoming its first two issuers listings, with about nine more in the pipeline.


With the listings of agricultural businesses NWK Limited and NWK Holdings now under its belt, the journey of 4AX as a “preferred alternative exchange for Africa’s best companies, leaders and innovators”, has started, said 4AX CEO Fay Mukaddam.


The third listing on the cards for the exchange, which is one of only two exchanges in South Africa with a full licence to trade across asset classes, is said to be an undisclosed new renewable-energy venture.


“What excites me about the pipeline, though, is the spectrum of listings, both in terms of sectors and the size of the market cap, and just in terms of the different types of listings,” she told media during the listing event at 4AX’s Bryanston offices.


The pipeline spans sectors such as tourism, hospitality and construction, as well as two inward listings, one in the property development space and the other in engineering.


While the group has a guideline of targeting companies with a market cap of between R100-million and R8-billion, the renewable-energy venture, being a start-up, was valued at below R100-million and one of the inward listings is sitting at R30-billion – the largest incoming listing to date.


The guideline, Mukaddam noted, was just that – a guide to encourage future issuers to consider listing with 4AX, instead of brushing a listing off as something that was perceived out of bounds for a medium-sized company.


Meanwhile, the listing of the NWK companies was not only a significant milestone for 4AX, but for the new agricultural issuers as well.


Prior to listing with 4AX, NWK traded shares in the over-the-counter market under the Security Services Act; however, changes to the Financial Markets Act required the companies to move to the formal exchange market to comply with the necessary regulatory framework.


“Although this is a new concept for us and a new way of expanding our business, we are very excited by the opportunities these listings create to gain exposure for the NWK companies into new markets – and continue to grow the value of NWK shares for our existing and potential investors,” said NWK chairperson Heinrich Krüger."






For additional information, please visit the 4AX website at


ITL wins Corporate Finance Advisor of the Year 2016

ITL is pleased to announce that it has won the Corporate Finance Advisor Award 2016 at the 5th Annual Private Equity Africa Awards (PEA Awards) for the second year in a row. ITL wa...

Read more


News & Events

  • The SelfKey Foundation obtains a Regulatory Sandbox License in Mauritius

      Selfkey, a blockchain-based digital identity firm which allows exchange of information, transactions, and crypto currency portfolios to have their database of verified documents and to keep sensitive information secure, has been granted a Regulatory Sandbox Licence by the Board of Investment (now under the Economic Development) in Mauritius.   The Founder of SelfKey, Edmund Lowell, ...

    Read More
  • FDI to Mauritius increase to MUR 12.3 billion (January-September 2017)

      The latest statistical release from the Bank of Mauritius (BOM) reveals a surge in inward Foreign Direct Investment (FDI) to Mauritius for the first three quarters of 2017, with FDI inflows reaching a total of MUR 12.3 billion. This amount represents an increase of 16% compared to MUR 10.6 billion registered for the previous corresponding period.   The top 3 sectors recipient of FDI...

    Read More
  • Regulatory committee for Fintech and Innovation launched at the Financial Services Commission (FSC)

      The Mauritius International Financial Center has gained a solid reputation as a well-regulated and transparent jurisdiction, and in a continuous effort to maintain the Mauritius International Financial Center as a leading jurisdiction worldwide, the country is now looking into the development of innovative financial services and of the Fintech industry.     To assist in the el...

    Read More
All News and Events ››