Today, MTN’s Zakhele-Futhi’s empowerment scheme listed on the Empowerment Segment of the Johannesburg Stock Exchange (JSE).
MTN’s previous scheme, MTN Zakhele, listed on the JSE in 2015, but delisted in the next year as the scheme was wound up.
The newly listed MTN’s Zakhele-Futhi will be listed for a minimum period of five years, until 25 November 2024.
MTN’s Zakhele-Futh is a ring-fenced special purpose vehicle aimed at facilitating investment by previously disadvantaged South Africans in MTN Group (MTN).
It holds about 77 million shares in MTN, amounting to 4% of MTN’s issued share capital.
It also has about 89 000 shareholders holding 123.4 million MTN’s Zakhele-Futhi ordinary shares.
The listing of MTN’s Zakhele-Futhi will facilitate and enable trading in the shares amongst qualifying black participants.
“MTN Zakhele Futhi is pleased to be listing on the JSE, providing our shareholders with the ability to now trade their shares and realise the market value of their investment. We have provided our shareholders with a facilitated trading process, operated by Nedbank, to ensure that our shareholders are able to trade their shares in the most cost-efficient manner,” Sindisiwe Mabaso-Koyana, chairperson of MTN Zakhele Futhi says:
“Shareholders are also able to use their own broker through an independent trading process. Shareholders are encouraged to make sound investment decisions when electing to sell, hold or buy more shares in order to maximise the true value of their shares.”
The JSE’s Empowerment Segment was established in 2015 for the listing of BEE securities and provides previously disadvantaged South African shareholders with a platform to trade their shares on one of the best-regulated exchanges in the world. The segment has a market capitalisation of R2,7 billion.
