MTN Zakhele shares now tradable

MTN empowerment scheme, MTN Zakhele began restricted trading of its ordinary shares on Monday (25 November 2013) via an online trading platform and through a dedicated call centre.

The R8.1 billion MTN Zakhele transaction was concluded in November 2010 as part of MTN’s ongoing efforts to further its BBBEE objectives in South Africa.

The scheme was funded through:

  • R1.6-billion brought in by around 121,000 ordinary people;
  • Almost R1.3-billion in MTN donations;
  • Vendor funding of R3.2-billion from MTN;
  • And investment banks which paid in R2.2-billion in return for class A and class B preference shares.

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.

With the three year Minimum Investment Period having passed, during which no trading in MTN Zakhele ordinary shares was permitted, these investors are able to sell their MTN Zakhele shares to eligible, registered buyers, to buy more MTN Zakhele ordinary shares or to continue to hold their MTN Zakhele ordinary shares.

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

MTN Zakhele finally gets trading date

Shareholders to MTN Zakhele: Where’s our return?

MTN Zakhele still mum on trading details

MTN FY adj HEPS seen 41.8% – 46.8% higher

Must Read

Partner Content

Show comments

Trending Now

Follow Us

MTN Zakhele shares now tradable