Mukaddam, CA(SA), Black Lawyers’ Association member and the outgoing president of the Johannesburg Chamber of Commerce and Industry, has been appointed CEO, while Maponya – the Maponya Group CEO and chairperson of Brand South Africa – has been given a seat on the board.
Maponya’s appointment forms part of an empowerment transaction between 4AX and the Maponya Group, the company said in a statement released on Monday.
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The Maponya Group has acquired a 15% stake in the company, which plans to set up a stock exchange platform for over-the-counter (OTC) traded companies like small- to medium-sized enterprises, agricultural co-operatives and black economic empowerment schemes that are typically excluded from trading on the main board of the Johannesburg Stock Exchange (JSE).
While still waiting on the Financial Services Board to approve its application for a licence to operate the exchange, Mukaddam is hopeful that 4AX will go live by the second quarter of 2016.
“Our mission is to enable, develop and deepen capital markets in South Africa by providing a marketplace to raise capital locally and savings to be invested. We believe that Ms Maponya will add tremendous value to 4AX in creating an effective vehicle for change,” says Mukaddam.
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“Sustainable economic transformation in South Africa is something that I am passionate about. I believe that the market is sufficiently elastic to absorb an additional exchange that targets different sectors. I am honoured to be part of a team that will provide both institutional and retail shareholders with the opportunity to have an accessible facility to trade, without any minimum fees, through 4AX.”
The Maponya Group’s buy-in into the company – which is made up of a consortium of companies including NWK, Trifecta Capital, Capital Market Brokers, Intercontinental Trust Ltd and the Pallidus Group – highlights its commitment and confidence in the prospects that the establishment of SA’s second stock exchange market holds.
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Mukaddam says the planned stock exchange platform will be more interactive and accessible to shareholders.
“Shareholders will be empowered to actively participate in voting and shareholder meetings through various technology platforms, which I believe and hope will bring a new dynamic to listings and trade exchange,” she says.
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