MTN Zakhele to resume trading

Trading in MTN Zakhele shares will resume on Monday 2 December, having been  suspended on Wednesday due to technical issues experienced through high volumes.

Trading will commence at 9am through the online trading platform and call centre, MTN said.

Trade launched on Monday 25 November, and by the end of the first day, approximately 93,000 MTN Zakhele shares with a total value of R8.1 million changed hands. MTN Zakhele closed at R84 per share.

MTN noted that 63,917 calls were made to the call centre and there were 22,385 unique visits to the website. On the second day over 100,000 shares to the value of R7.8 million were traded, with 79,000 calls to the call centre and 25,000 visits to the website.

The MTN Zakhele shares closed at R80 per share on Tuesday. All trades that took place were efficiently matched and executed, the mobile operator said.

Due to the “unprecedented interest in buying and selling these shares”, MTN said it took the decision to suspend trading on Wednesday to add capacity and re-test the system prior to the resumption of trade.

Thulani Gcabashe
Thulani Gcabashe

“To protect the traders, we are endeavouring to ensure that the system is sufficiently robust to accommodate the incredibly high demand.”

“We are also taking steps to increase capacity at the call centre to handle the massively increased calls – from 4,500 per day in the previous week to over 79,000 per day the next,” said MTN Zakhele chairman Thulani Gcabashe.

“The team is working round the clock to attend to these matters and to re-test the system. We are committed to opening trade again at 9am on Monday morning, rather than having a system that is intermittently overloaded.”

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.

More on MTN Zakhele

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MTN Zakhele to resume trading