We have received numerous calls from clients on MTN Zakhele Futhi. We are including some key points herein to assist you as our client. By Inkunzi Wealth Group
- The Zakhele Futhi scheme will take the form of a public offering.
- African, Coloured, and Indian South Africa citizens by birth or descent will be invited to subscribe for and own shares in Zakhele Futhi.
- There will be a verification process to ensure interested parties are qualifying black participants.
- Minimum investment amount of R2,000 required.
- New investors locked in for three years before they can trade the shares.
- After three years, investors will be able to sell to qualifying black participants.
- After eight years, shareholders will be able to sell the shares to anyone.
- Zakhele shareholders can re-invest a portion of their shares in Zakhele Futhi.
- Zakhele shareholders will get a 20% discount on MTN shares through Zakhele Futhi.
- Zakhele shareholders will have the option to take cash, or roll their shares into MTN Group shares.
- Zakhele shareholders will have to make the choice on what they want to do by 21 October.
- If Zakhele Futhi shares are over-subscribed, MTN Zakhele shareholders will be prioritised.
- The Zakhele Futhi offer is expected to launch on 12 September 2016, and will close on 21 October 2016.
Who can buy MTN Zakhele Futhi
- Black (African, Coloured, and Indian) South Africa citizens by birth or descent or who are citizens through naturalisation before 27 April 1994 or after that date, but who would have qualified for naturalisation before that date.
- Black groups: Black Companies and Black Entities (Black people own at least 51% of the equity, exercise at least 51% of the voting rights, and participate in at least 51% of the economic interests therein).
Do you qualify to participate
- Applicants will be required to be verified for FICA purposes by a participating Nedbank branch.
- Zakhele Futhi is entitled to verify details and applicants are obligated to assist in such verification when requested.
- BEE, FICA, and supporting documents must be presented.
At this stage this is the only publicly available information, and we are working on getting some more information, for example to explain what investors will have to put down per share, granted the price is R102.80, but the initial MTN Zakhele scheme required only R20.00 as deposit.