MTN's Zakhele Futhi raises over R1bn

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 22 Nov 2016

MTN's new broad-based black economic empowerment scheme, Zakhele Futhi, has raised over R1 billion from more than 81 000 applicants from across South Africa since closing last month.

The scheme takes over from its current BEE scheme, MTN Zakhele, which is expected to contractually unwind on 23 and 24 November.

MTN Zakhele Futhi ordinary shares will be allotted and issued to successful applicants tomorrow. MTN Zakhele share owners will be notified before 23 December about the state of their shares and if their application to Zakhele Futhi was successful.

Applications came from more than 11 000 MTN Zakhele shareholders holding more than 13 million worth of shares to reinvest.

The total number of MTN Zakhele Futhi ordinary shares to be issued and allotted on 23 November is 123 416 822.

Refunds will be made to unsuccesful applications on or before 23 December by EFT.