MTN's empowerment scheme MTN Zakhele has raised R2.32 billion, the company announced yesterday.
MTN Zakhele raised R2.32 billion through the placing of 21 033 956 shares at a price of R110.50 per share.
According to the company, this cash will be utilised to settle the cash consideration component of the scheme, including rounding cash.
MTN Zakhele, which was established in 2010 and listed on the JSE's black economic empowerment segment in November last year, reached maturity last week.
The company outlined options for shareholders going forward. A cash settlement has been offered that is equivalent to the value of shareholders' MTN Zakhele ordinary shares at the time of maturity. Otherwise, shareholders can opt for a combination of MTN Group shares and cash.
Absa, acting through its corporate and investment banking division, acted as sole global coordinator and bookrunner, while Vunani Securities and Sinayo Securities acted as co-lead managers.
Last week, MTN announced its broad-based black economic empowerment scheme, Zakhele Futhi, had raised over R1 billion from more than 81 000 applicants from across SA since closing last month.
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