MTN Zakhele, the Black Economic Empowerment (BEE) scheme of MTN, seems to be unfazed by the troubles bedeviling its parent company MTN Group. Despite MTN likely to face a more than R70 billion fine from the Nigerian authorities, MTN Zakhele is still going ahead with the listing of the mobile phone operator’s black investors shareholding scheme on the JSE. By Gugu Lourie
The leaders of MTN Zakhele – led by Sindi Mabaso-Koyana, the chairperson of MTN Zakhele – announced late on Tuesday that the listing of MTN Zakhele’s ordinary share on the BEE Segment of the main board of the JSE will proceed on 5 November 2015.
The BEE scheme firm also referred MTN Zakhele investors to the cautionary announcement released by MTN Group on 2 November 2015.
“As MTN Zakhele’s only material asset consists of shares in MTN, MTN Zakhele shareholders should consider the cautionary announcement, as well as subsequent announcements released by MTN relating thereto, when trading in MTN Zakhele Shares,” MTN Zakhele informed the BEE scheme investors.
On 24 June 2015, the FSB conditionally extended the expiry date of MTN Zakhele exemption to 30 October 2015, subject to MTN Zakhele continuing to make progress in its preparations for a listing on the JSE.
MTN Zakhele shareholders will, after the JSE listing, continue to be able to submit buy and sell orders through the existing methods, being the call centre and website.
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