Mobile network MTN officially opened up its R9.9bn ‘Zakhele Futhi’ black economic empowerment transaction to the market on Monday.
MTN Zakhele Futhi scheme is taking the form of a public offering where qualifying black participants are invited to subscribe for and beneficially own ordinary shares with a minimum investment amount of R2 000.
The offer has opened on Monday September 12 and closes on October 21.
These shareholders will further be given the opportunity to re-invest a portion of their MTN Zakhele shares in MTN Zakhele Futhi. MTN Zakhele, meanwhile, is expected to unwind on November 24 2016.
“MTN Zakhele Futhi is a special purpose vehicle, which will hold approximately 4% equity in MTN Group,” said MTN last month.In addition, these MTN Zakhele Futhi shares are planned to be issued at R102.80 each