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.

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

Anonymous News Tip
Free Email Newsletter:
Subscribe
X

Anonymous News Tip






Captcha image
Not readable? Change text.

sending

Shutterstock is the image partner of MyBroadband – technology images can be found here

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

Are you using public WiFi hotspots to connect to the Internet in places like airports, restaurants or shopping malls?

View Results

Loading ... Loading ...

More News

Top tech deals this Easter

Sale

Many local retailers are offering technology products at reduced prices over the Easter period

First online pirate in SA pleads guilty, sentenced

Music pirate piracy

Majedien Norton, the Cape Flats man who was accused of uploading SA film Four Corners via Pirate Bay, has pleaded guilty to the charge

DStv Oscar Pistorius Trial Channel to take a break

Oscar Pistorius is seen during his murder trial at the North Gauteng High Court on Tuesday, 11 March 2014.Pistorius is accused of the murder of model and law graduate Reeva Steenkamp on February 14 last year. She was shot in the arm, hip and head. He is also charged with illegal possession of a firearm and ammunition, and two counts of discharging a firearm in public. Picture: Kevin Sutherland/Times Media Group/Pool

The Oscar Pistorius Trial Channel will take a break for two weeks

MTN strikes at the heart of Cell C

Cell C stab

MTN’s recent move to cut prepaid call rates to 79c per minute strikes at the heart of Cell C’s ability to improve its financial situation

bool(true)