MTN Zakhele share trading suspended

MTN Zakhele share trading suspended due to ‘unprecedented volumes’ of trading

By - November 27, 2013 Share on LinkedIn
MTN Africa

Trading through the website and call centre in MTN Zakhele shares has been suspended temporarily until further notice due to technical issues experienced as a result of “unprecedented volumes.”

Ordinary shares in the R13.8 billion broad based black economic empowerment (BBBEE) scheme operated by MTN Zakhele, which owns 4% of MTN’s total issued ordinary shares, became tradable on November 25 through an online trading platform and call centre.

“The level of interest has exceeded expectations, and as a result the trading platform has experienced some delays and technical difficulties on an intermittent basis. When this happens, we work to rapidly correct the issues,” says MTN Zakhele Chaiman Thulani Gcabashe.

“We ask for patience during the first week of trade to find a permanent solution to intermittent technical difficulties we have been experiencing due to a rush of demand and high number of calls to the call centre,” says Gcabashe.

MTN states that by the end of the first day, about 93 000 MTN Zakhele shares with a total value of R8.1 million changed hands. The share closed at R84 per share. On the second day over 100 000 shares to the value of R7.8 million were traded – it closed at R80 per share.

“There is clear value in the MTN Zakhele ordinary shares, and we’re delighted with the high level of interest, as the trading price of the shares depends on demand on the trading platform and liquidity,” says Gcabashe. “To date, 15% of the 120 000 MTN Zakhele shareholders have registered and this number is rapidly increasing.”

Source: Moneyweb

More on MTN Zakhele

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MTN Zakhele concludes BEE transaction

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