Aimia to debut on the JSE in first new equity listing of 2026
In a modest but symbolically important boost for South Africa’s capital markets, Canadian-listed investment holding company Aimia Inc. is set to take a secondary listing on the Johannesburg Stock Exchange (JSE) on 24 February 2026. The listing, approved by the JSE under its fast-track secondary inward listing process, will be by way of introduction and is expected to see the company debut with an approximate market capitalisation of R3.4 billion.
Aimia, which has maintained its primary listing on the Toronto Stock Exchange since June 2005, will become the first new equity (non-ETF) listing on the JSE this year – a development likely to be welcomed by market participants eager to see renewed listing activity on Africa’s largest exchange. The company noted in its pre-listing statement that it already counts a number of South African shareholders among its investor base, who are expected to support the secondary listing and contribute to ongoing liquidity on the local bourse.
From frequent flyer origins to global investment holding company
Aimia’s roots trace back to 1984 when it was established by Air Canada to manage its Aeroplan frequent flyer programme. Over two decades, Aeroplan evolved into Canada’s leading loyalty platform, forging partnerships with major banks, retailers and service providers while amassing millions of members. In 2005, the business was spun out and became the world’s first publicly listed loyalty programme, raising CAD$288 million in its initial public offering.
As the loyalty sector matured, Aimia expanded internationally through acquisitions and investments in loyalty and data-driven marketing businesses, at one point serving more than 100 global brands. In recent years, however, the group has pivoted decisively away from its loyalty origins, transforming into a diversified holding company focused on acquiring and managing high-quality operating businesses and strategic stakes across industries and geographies.
Diversified global portfolio
Among Aimia’s key assets is Bozzetto Group, an Italian-headquartered specialty chemicals business with a century-long history and approximately 1,500 customers worldwide. Bozzetto develops sustainable textile, dispersion and water treatment solutions aimed at reducing water and energy consumption as well as the use of hazardous chemicals. The business expanded into North America in early 2024 through the acquisition of a majority interest in StarChem S.A., a Honduras-based manufacturer of auxiliary chemical solutions for large multinational textile clients. In February 2026, Aimia announced plans to dispose of its Bozzetto interests and redeploy the proceeds in line with its investment strategy.
Another cornerstone holding is Cortland International, a global manufacturer of high-performance synthetic ropes, slings and tethering solutions serving industries ranging from aquaculture and maritime shipping to offshore energy, aerospace and defence. Formed through the integration of Tufropes in India and Cortland Industrial in the United States, the business is positioned to benefit from the structural shift from steel wire to lighter, more durable synthetic fibre solutions, as well as the expansion of aquaculture operations worldwide.
Aimia also holds a 10.85% stake in Clear Media Ltd., one of China’s largest outdoor advertising companies, further underscoring the group’s globally diversified footprint.
Strategic significance for the JSE
For the JSE, the listing represents more than just another inbound company. After several years in which delistings have outpaced new equity listings, attracting established international businesses remains a priority for South Africa’s exchange as it seeks to deepen liquidity, broaden sector representation and reinforce its status as a gateway to African capital markets.
Aimia’s decision to list in Johannesburg also highlights the continued relevance of South African institutional capital in global portfolios. With local investors already on its share register, the secondary listing is expected to improve trading accessibility for domestic shareholders while potentially widening participation among African investors seeking exposure to a diversified international holding company.
As 2026 unfolds, market observers will be watching closely to see whether Aimia’s debut signals a revival in listing momentum on the JSE — and whether other multinational firms may follow suit in tapping South Africa’s sophisticated financial ecosystem as a platform for broader engagement with the continent.
