Tharisa lists on NSX
Tharisa plc has secured a secondary listing on the Namibia Securities Exchange (NSX), giving local institutional investors direct access to a platinum group metals (PGM) and chrome producer.
The company's shares began trading on the NSX on Monday under the ticker symbol THR, while its primary listing remains on the Johannesburg Stock Exchange (JSE).
The listing is intended to attract additional investment from Namibian pension funds and asset managers, which face domestic asset allocation requirements and have limited access to PGM exposure through the local exchange.
Tharisa said the listing would give Namibian institutional investors access to an investment opportunity not previously available on the NSX, while potentially broadening demand for its shares.
The company said the move also confers Namibian asset status on its shares, subject to applicable regulatory limits, making them more accessible to domestic institutional investors.
Tharisa chief executive Phoevos Pouroulis said the listing was part of a broader effort to diversify the company's investor base and improve share liquidity.
He said Namibian pension capital, with its long-term investment horizon, was well aligned with the group's growth strategy, particularly as it advances the Karo Platinum Project in Zimbabwe.
The company expects the additional listing to generate new demand rather than fragment existing liquidity.
The NSX-listed shares are the same ordinary shares traded on the JSE, London Stock Exchange and A2X Markets. Trades on the NSX are expected to be sourced through the JSE and transferred to the Namibian share register.
The JSE will therefore remain the principal venue for price discovery.
Tharisa also expects its NSX share price to track the JSE price closely, supported by the Namibia dollar's one-to-one peg to the South African rand.
The listing follows a proposal by IJG Securities, which will act as Tharisa's NSX sponsor.
Tharisa said the secondary listing was a relatively quick and cost-effective way of expanding its investor base, with its continuing NSX obligations largely derived from those applicable to its JSE listing.
The move also adds a resources company to a local market whose FTSE NSX Capped Overall Index is heavily weighted towards financial stocks. Anglo American is currently the index's only other resources constituent, according to Tharisa.
