MTN has described the response to its Zakhele public share offer, which opened to the black members of the public on 30 August 2010, as “overwhelming”.
According to the mobile company, the first week of the offer showed unprecedented transaction volumes, with the majority of investors paying for the shares immediately upon application, and many investors lodging their applications within hours of the public offer going live.
MTN would not reveal the number of shares that have been bought so far, saying it will only divulge the amount after the offer closes in October.
However, it says the number of MTN Zakhele prospectus, available at Post Office outlets, has had to be increased to meet the demand.
MTN says the response has been greatest in Gauteng and KwaZulu-Natal. “This impressive response shows demand for this type of long-term investment among black investors,” says MTN Group's acting group executive for corporate affairs, Xolisa Vapi.
The public offer is open until 14 October, at R20 per share, with a minimum requirement of 100 MTN Zakhele shares, at a cost of R2 000.
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