Johannesburg, 23 Feb 2005
Telkom`s Khulisa shareholders are to receive a total of about R98 million in free shares.
When Telkom listed two years ago Khulisa shares were sold at a discounted rate of R22.40 a share to allow previously disadvantaged groups to become shareholders. Telkom`s listing price was R28 a share.
Shares bought under Khulisa were subject to a lockup period of three months and, for every five Khulisa shares not sold in the first two years of the listing, the holder would receive one bonus share.
Telkom says government is now making good on its promise and is now giving out those shares as a loyalty bonus to more than 50 000 Khulisa shareholders.
Public enterprises director-general Eugene Mokeyane says that based on Friday`s closing price of R113 a share, the Khulisa investors` shareholding was worth four times more than when they bought it.
Government says a Khulisa shareholder who paid about R500 for 22 shares at listing has seen his investment grow to R2 486 at Friday`s closing price. With the bonus shares, the total value of 22 shares is R2 938.
In addition to the extra shares, the Khulisa shareholders will also receive R2 a share - the total of the dividends paid by Telkom in the past two years.
"The Khulisa scheme has afforded Telkom an opportunity to expose broad-based shareholders - many of whom have never owned shares in companies - to the creation of personal wealth," says Telkom CEO Sizwe Nxasana.
Yesterday the Telkom share closed at R110.20, down 50c from Monday`s close.
Share