French media group CANAL+ Group made its trading debut on the Johannesburg Stock Exchange on Wednesday, becoming the first French company to secure a listing in South Africa following its acquisition of MultiChoice Group last year.
Shares in the broadcaster rose at the opening of trade, with the company trading at 58.50 rand as investors welcomed the secondary listing, which analysts say could deepen liquidity and strengthen ties between European and African capital markets.
The listing marks a milestone for the Johannesburg Stock Exchange (JSE), which has struggled in recent years with limited new entrants and several delistings by major companies seeking deeper or more liquid markets abroad.
CANAL+, which already holds a primary listing in London, said the South African secondary listing forms part of its broader strategy to expand its footprint across Europe, Africa and Asia, positioning itself as a global entertainment platform.
The group entered the African market more deeply through its acquisition of pay-TV operator MultiChoice Group in 2025, a deal that significantly expanded its subscriber base across English-speaking Africa.
At the time of the acquisition, CANAL+ said it would pursue a secondary listing in Johannesburg to align its operations more closely with African investors and audiences, while also improving trading liquidity for its shares.
Speaking at the listing ceremony, CANAL+ chief executive Maxime Saada said the move was designed to strengthen the company’s capital base and deepen engagement with African markets.
“Our hope is for this listing to enhance the liquidity of our shares, to broaden our shareholder base and to support our growth ambitions,” Saada said. “But more than that, we believe that we can create value in Africa.”
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The listing also carries symbolic weight for South Africa’s financial markets, which continue to position themselves as a gateway for global investors seeking exposure to African growth sectors such as media, telecommunications and entertainment.
JSE chairman Phuthuma Nhleko said the listing demonstrated renewed international confidence in South African capital markets and reinforced the exchange’s role in connecting global capital with African opportunities.
He added that CANAL+’s arrival highlights continued investor interest in the continent’s long-term growth potential despite broader global economic uncertainty.
CANAL+’s market capitalisation stood at £2.25 billion (about 51 billion rand) prior to its pre-listing announcement in May, according to company disclosures.
The company is the only global media and entertainment group currently listed on the Johannesburg Stock Exchange, giving it a unique position within the bourse’s industrial mix.
Industry analysts say the listing reflects a broader trend of multinational companies seeking dual or secondary listings in emerging markets to tap new investor bases and strengthen regional engagement.
For CANAL+, the move comes as it seeks to expand its content distribution, streaming services and pay-TV operations across Africa, where rising demand for digital entertainment is being driven by growing internet penetration and a young, rapidly urbanising population.
The company said it expects the Johannesburg listing to support its long-term expansion strategy by improving visibility among African investors and aligning its capital structure with its regional growth ambitions.
With its debut on the JSE, CANAL+ joins a small group of global firms using South Africa as a financial hub for African operations, reinforcing the exchange’s role as a key gateway for international investment into the continent.
