{"id":552425,"date":"2007-05-31T07:45:16","date_gmt":"2007-05-31T07:45:16","guid":{"rendered":"http:\/\/localhost:8888\/wordpress\/technology\/552425-fund-earmarks-1-5-mtn-stake-for-bee.html"},"modified":"2007-05-31T07:45:16","modified_gmt":"2007-05-31T07:45:16","slug":"fund-earmarks-1-5-mtn-stake-for-bee","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/technology\/552425-fund-earmarks-1-5-mtn-stake-for-bee.html","title":{"rendered":"Fund earmarks 1,5% MTN stake for BEE"},"content":{"rendered":"

At the current MTN share price, the offering of 1,5%, or 30 million shares, would have a value of about R3bn. However, the fund would not realise this amount as the shares would be offered at a discount. <\/font><\/p>\n

As usual in such transactions, it was likely that future beneficiaries of the transaction would be prevented from disposing of their shares for a while to prevent the market being flooded with MTN shares, which would depress the price. <\/font><\/p>\n

The fund\u2019s head of asset management, Victor Mabuza, would not provide details of the transaction, but confirmed the empowerment initiative would go ahead and that individuals would also be among the beneficiaries. <\/font><\/p>\n

An announcement would be made at the end of June, said Mabuza. <\/font><\/p>\n

The National Empowerment Fund was allocated the shares by the government, which obtained them during the MTN licensing process. <\/font><\/p>\n

The allocation of the shares to the fund was in line with a government policy to assign shares in state-owned enterprises to the empowerment body for it to sell with the intention of broadening share ownership in the economy. <\/font><\/p>\n

It is expected that the transaction, which will require an intensive marketing campaign, will be finalised this year. <\/font><\/p>\n

October said: \u201cThey are going to put the shares into the market as a retail product. <\/font><\/p>\n

\u201cTo ensure that the sale is mass-based and broad-based, they are going to target certain groups such as stokvels, community-based organisations, savings groups, township groups etc. <\/font><\/p>\n

\u201cThis would give ordinary people the opportunity to buy shares.\u201d People would have to apply to buy the shares. <\/font><\/p>\n

At a media briefing on his <\/font>budget vote speech, Trade and Industry Minister Mandisi Mpahlwa highlighted the need for investment in equipment upgrades in a number of economic sectors to improve international competitiveness and efficiency. Too many companies relied on the exchange rate for their competitiveness. <\/font><\/p>\n

The government would look at instruments, perhaps tax-based measures, to stimulate this investment. <\/font><\/p>\n

Mpahlwa hoped the concrete action plans for implementation of the industrial policy would be submitted to the cabinet within two months. <\/font><\/p>\n

Deputy Trade and Industry Minister Rob Davies said SA was participating in a major effort to conclude the Doha round of trade negotiations this year. The next opportunity to resume them would be only in 2009 after the US elections. SA was disappointed by the attempt in the latest offer to accommodate the resistance of major agriculture-subsidising countries and to allow the US to deploy more funding for the domestic support of its agriculture sector. <\/font><\/p>\n

There was also a hardening of the developed world\u2019s demand for nonagricultural market access to developing markets.<\/font><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

In a multibillion- rand transaction, the National Empowerment Fund planned to sell its 1,5% stake in cellphone group MTN to a range of previously disadvantaged groups at a discount, trade and industry deputy director-general Lionel October said yesterday. <\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-552425","post","type-post","status-publish","format-standard","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/552425"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=552425"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/552425\/revisions"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=552425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=552425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=552425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}