Vodacom’s YeboYethu BBBEE (Broad-Based Black Economic Empowerment) scheme was listed today on the JSE’s black economic empowerment (BEE) board. By Staff Writer
The mobile phone operator, which is owned by British mobile phone giant Vodafone, said YeboYethu listing on JSE BEE segment provides investors with enhanced liquidity.
The Vodacom YeboYethu empowerment scheme was established in 2008 and allowed black people to purchase Vodacom SA shares at a discount. YeboYethu does not own nor have any beneficial interests in nor rights to Vodacom Group shares.
Since YeboYethu’s incorporation, over 100 000 black people have been able to hold, through investing in YeboYethu shares.
“Its transition to the JSE, one of the world’s most highly regarded stock exchanges, is a significant milestone for a large group of shareholders who can now trade their ordinary shares on the JSE BEE segment. Regulatory certainty aside, one of the major advantages of this move is an anticipated increase in liquidity, which can only be positive for buyers and sellers alike,” Shameel Joosub, Vodacom’s CEO said.
“Being listed on the JSE also means that YeboYethu shareholders will have wider and easier access to professional broking services offered by JSE members.”
To date, 14,3 million YeboYethu shares are owned by about 87 534 black investors. Between February 2014 and July 2016, these shares changed hands on the YeboYethu Over-the-Counter (OTC) trading platform. The closing pricing on the OTC trading platform on Friday, 15 July 2016 was R53.01 per share.
“These are exciting times for the YeboYethu BEE Scheme as we’re increasing the protection of YeboYethu investors, ensuring that they continue to maximise value from their shares, using the JSE BEE Segment,” Zarina Bassa, Chairman of YeboYethu said.