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

Free Email Newsletter:
Subscribe

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

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

Have you ever lied on your CV?

View Results

Loading ... Loading ...

More News

Public Protector, Communications Minister to work together on Motsoeneng issue

Thuli Madonsela

A way to address the alleged irregular appointment of SABC COO Hlaudi Motsoeneng was agreed upon on Wednesday, the public protector and communications minister said

South Africa’s telecoms, media, and IT market in 2019

Telecoms

The South African telecommunications, media, and information technology market is in for some big changes over the next 5 years

DA is undermining rule of law by going to court: lawyer

Democratic Alliance DA logo

The DA is undermining the rule of law by using legal rather than administrative processes to remove SABC COO Hlaudi Motsoeneng, the Western Cape High Court heard on Wednesday

Eskom gets new CEO

Eskom power lines

Eskom has a new chief executive officer in the form of Tshediso Matona, the current director general of Public Enterprises

Free MyBroadband Newsletter:
Subscribe
X
bool(true)