Trading in MTN Zakhele shares has been temporarily suspended until further notice, due to technical issues experienced from high volumes of trade.
“The level of interest has exceeded expectations, and as a result the trading platform has experienced some delays and technical difficulties on an intermittent basis,” MTN Zakhele Chaiman, Thulani Gcabashe said in a statement.
“We ask for patience during the first week of trade to find a permanent solution to intermittent technical difficulties we have been experiencing due to a rush of demand and high number of calls to the call centre.”
According to the the MTNZ online trading platform, the last trade took place on 26 November. The market remains closed.
MTN Zakhele owns approximately 4% of MTN Group’s total issued ordinary shares.
The ordinary shares in MTN Zakhele are owned by approximately 120,000 black investors.
An invitation was originally issued to the black public (individuals and groups) to participate in the growth of the MTN Group through subscribing for MTN Zakhele shares at R20 a share, with a minimum purchase of 100 shares for R2,000 in order to qualify.
The offer generated widespread interest across South Africa, raising R2.78 billion from black investors, a subscription level of 1.7 times.