Trade in MTN Zakhele shares, which was suspended last month following a system crash, are set to resume on Tuesday.
However, this will only happen if the "team is satisfied with the changes made to the system and it has passed all tests", says MTN Zakhele chairman Thulani Gcabashe. Stock in the empowerment deal initially went live on 25 November, but was halted after the crash.
Over the two days that trade did take place, almost 200 000 shares - worth a total of R15.9 million - were traded. The stock closed at R80 on 26 November. By comparison, more than two million MTN Group shares traded yesterday and it closed at R202.56.
Gcabashe explains the reason for the almost month-long hiatus is because a number of changes are being implemented, and a vigorous testing process must be followed.
The team has allowed for time to make sure any problems found during testing can be fixed, says Gcabashe. "We want to ensure that we can handle large volumes, particularly with all the attention the scheme is getting now, without risking the platform crashing again."
Ordinary shares in MTN Zakhele are owned by about 120 000 black investors, who were locked in for a three-year period after buying in at R20 a share in November 2010. The scheme collectively owns 4% of the MTN Group and has been touted as the largest empowerment deal in the telecoms sector.
The system crashed because "it is a fairly complex system and the large volumes created problems", says Gcabashe. He explains demand exceeded what the system could handle. "I can, however, assure you that we are taking this very seriously and this is evident in the steps we are taking now."
Gcabashe adds there were no failed trades, while offers that had not been matched are still valid. "As this is an online system, there are certain details we cannot give out without potentially compromising the security of the system. This includes detail around the specific capacity that is being built into the system and the changes being made."
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