YeboYethu, Vodacom’s BEE scheme, has listed on the Empowerment Segment in the telecommunications sector of the JSE’s main board.
YeboYethu was incorporated in 2008 to hold a direct investment in Vodacom SA. It is the third company to list on the JSE’s Empowerment Segment, which currently has a total market capitalisation of approximately R7.46 billion.
Donna Nemer, Director: Capital Markets at the JSE says the Empowerment segment allows BEE shares to be listed and traded among qualifying shareholders. “The JSE believes this will help to foster broad-based share ownership of listed companies by black shareholders.”
Since YeboYethu’s incorporation, over 100,000 black people have been able to hold a beneficial interest in Vodacom SA through investing in YeboYethu shares. “The listing of BEE shares on the JSE provides black shareholders with a platform to trade their shares on one of the best regulated exchanges in the world, offering them guaranteed settlement in a transparent environment,” said Nemer.
In the past, BEE shares were traded on the over-the-counter (OTC) BEE Market, but in 2015 the Financial Services Board (FSB) mandated that these shares must be traded on a licensed exchange.