MTN Launches New R10bn BEE Scheme

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





Source: Fin24


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