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.<\/p>\n
The R8.1 billion MTN Zakhele transaction was concluded in November 2010 as part of MTN\u2019s ongoing efforts to further its BBBEE objectives in South Africa.<\/p>\n
The scheme was funded through:<\/p>\n
MTN Zakhele owns approximately 4% of MTN Group\u2019s total issued ordinary shares.<\/p>\n
The ordinary shares in MTN Zakhele are owned by approximately 120,000 black investors.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The offer generated widespread interest across South Africa, raising R2.78 billion from black investors, a subscription level of 1.7 times.<\/p>\n
MTN Zakhele finally gets trading date<\/strong><\/a><\/p>\n Shareholders to MTN Zakhele: Where\u2019s our return?<\/strong><\/a><\/p>\n MTN Zakhele still mum on trading details<\/a><\/strong><\/p>\n