CANAL+ becomes first French company to list in Africa’s biggest stock market

CANAL+ became the first French company to list on the Johannesburg Stock Exchange (JSE) on Wednesday, marking a significant milestone for Africa’s largest stock market as it seeks to attract more international listings after years of high-profile exits.

Shares of the pay-TV broadcaster rose on their trading debut, climbing to 58.50 rand at market open, according to Reuters. The listing follows CANAL+’s acquisition of South African broadcaster MultiChoice Group in 2025 and forms part of the company’s broader strategy to deepen its presence across Africa.

The French media giant, which maintains a primary listing in London, had earlier pledged to pursue a secondary listing in Johannesburg after completing the MultiChoice deal. The move is expected to provide a boost for the JSE, which has faced declining listings and subdued investor activity in recent years.

Phuthuma Nhleko, chairman of the JSE, said the listing demonstrates growing international confidence in South Africa’s capital markets despite persistent economic and political challenges.

“The listing reflects strong global confidence in South Africa’s capital markets, reinforcing the exchange’s role in connecting international capital with African growth opportunities,” Nhleko said.

CANAL+, valued at £2.25 billion (51 billion rand) before announcing its pre-listing plans in May, is now the only global media and entertainment group listed on the JSE.

The company’s expansion into English-speaking African markets underscores its ambition to become a leading entertainment platform spanning Europe, Africa and Asia, while strengthening its foothold in one of the world’s fastest-growing media markets.

Maxime Saada, chief executive officer of CANAL+, said the Johannesburg listing aligns the company more closely with African investors, governments and creative industries.

“Our hope is for this listing to enhance the liquidity of our shares, broaden our shareholder base and support our growth ambitions,” Saada said during the market debut ceremony.

The listing could help restore confidence in the JSE’s ability to attract multinational firms and reinforce Johannesburg’s position as a gateway for global investment into Africa’s media and entertainment sector.

“As the first French company to list on the JSE, this represents more than a corporate milestone,” said Valdene Reddy, group CEO & executive director of JSE on LinkedIn. “It reinforces the role of the exchange as a gateway for international businesses seeking access to African growth opportunities at scale.”

She added that at a time of increasing global competition for capital, listings such as this reflect continued confidence in the depth, resilience and competitiveness of South Africa’s market infrastructure.