EESE is a licensed stock exchange authorized in accordance with the terms of the FM Act to operate as such.
From 09:00 on 23 November 2018, the Welkom Yizani shares will be listed on EESE and shareholders will be trading their shares through the stock exchange operated by EESE.
Welkom Yizani shares are currently trading on the over-the-counter trading platform operated by Singular Systems.
The shares will stop trading on this platform between 09:00 on 19 November 2018 and 17:00 on 22 November 2018. This is to facilitate the listing of the Welkom Yizani shares on EESE.
Established in 2006 the scheme was designed as a BBBEE partner to Nasper’s Media24 which operates a number of popular print media titles like City Press, Daily Sun, Sunday Sun, Beeld, Rapport and a host of knock and drops and magazines. It also owns some of the biggest online titles in the country like news24, fin24, channel24, travel24 and wheel24.
The Welkom Yizani scheme attracted more than 100 000 black people, who subscribed for shares at R10.00 per share. 12 years later these shares are still stuck around the R10.00 mark and have on occasions dipped to levels far below R10.00 which saw some investors exit at a huge loss.
Many participants are crying foul. But Naspers/Media24 maintains that everything is in order.
The 2018 Media24 financial report notes that “Welkom Yizani shareholders were able to derive immediate economic benefit from their shares since 2017 when Naspers… waived additional preference share debt and accrued interest owed to it by Welkom Yizani to the value of R51.6m. Naspers has waived a total of R434m during 2016.”
The statement noted that “As at 31 March 2018, Welkom Yizani had 89 166 shareholders”.