MTN Zakhele BEE share offer goes live

The MTN Zakhele offer opens to the public today, and the company urged prospective Black investors to visit their local Post Office and MTN outlets around the country for details and to collect copies of the prospectus.

By - August 30, 2010
MTN Zakhele BEE share offer goes live

The public offer was launched this morning at the MTN Service Centre in Protea Gardens Mall in Soweto, Johannesburg.

MTN Zakhele shares are being offered at R20 a share. To qualify, investors (Black individuals and groups or Black-owned businesses) are required to purchase a minimum of 100 MTN Zakhele shares which, at R20 per share, will cost R2,000, with the option to buy more shares. There will be no cap per individual investing in MTN Zakhele shares.

“Now is the time to build your future,” said MTN Group’s Executive, Corporate Affairs, Ms Nozipho January-Bardill, sounding a clarion call to Black investors to apply early for MTN Zakhele shares to avoid a last-minute rush. Applications for MTN Zakhele shares close on 14 October 2010.

All valid share applications will be considered. A bottom-up allocation process will be followed should the 80,9 million shares available through the scheme be oversubscribed.

Black applicants who are RICA-compliant customers of MTN will receive preferential allocation of MTN Zakhele shares in the event of an oversubscription. However, no preferential treatment will be given to MTN employees or directors of MTN.

The MTN Zakhele empowerment initiative is envisaged to run for a period lasting six years, the first three of which will be a lock-in period after which participants will be free to trade with other Black investors.

Ms January-Bardill said: “MTN Zakhele is part of MTN’s commitment to provide long-term and sustainable benefits to the country’s BEE participants.”

“We are presenting MTN Zakhele as an offer to the Black public, acting within the letter and the spirit of the Broad-Based Black Economic Empowerment codes and empowerment requirements for South African businesses. We are doing this because we believe that empowerment is an integral part of the MTN business and it is critical for the success of the Group,” she said.

MTN Zakhele BEE share offer << comments and views

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us



Have you bought any Black Friday deals?

View Results

Loading ... Loading ...

More News

Where to find the best Cyber Monday deals in South Africa

Black Friday red trolley

Many South African retailers are offering customers big discounts on gadgets and technology products on Monday 30 November, aka Cyber Monday

How to get fibre-to-the-home rolled out faster in South Africa

Fibre internet network

Orange Horizons CEO Sébastien Crozier said that South Africa can learn a lot from Europe when it comes to FTTH.

South Africa’s broadband price ranking may surprise you

South Africa Internet

Point Topic has released its latest broadband tariff country scorecard, which shows how local broadband prices stack up against international standards

Telkom CEO salaries: 2003 to 2015

Telkom logo on phone

Being Telkom CEO can be a tough job, but earning over R10 million per year helps to ease the stress.


Newsletter Subscription

Email *
Enter the following to confirm your subscription *
Captcha image

Free MyBroadband Newsletter