MTN Zakhele first BBBEE scheme to list on JSE
Established in 2010, MTN Zakhele, a vehicle for previously disadvantaged South Africans to invest in MTN Group Limited, has announced that it intends to list its ordinary shares as BEE Securities on the BEE Segment of the JSE on 5 November this year. The empowerment scheme, which raised R2.7 billion when it first launched in 2010, owns four percent of MTN SA and has a market capitalisation of R9 billion.
MTN Zakhele Chairperson, Sindi Mabaso-Koyana, said:
"There has been a change in the FSB's policy in relation to the regulation of all providers of over-the-counter (OTC) share trading platforms for facilitating trading in own shares. The JSE listing will provide shareholders with regulatory certainty for trading their MTN Zakhele shares."
MTN Zakhele will be the first broad-based black economic empowerment (BBBEE) scheme to list on the JSE's BEE Segment subsequent to the amendments made to the JSE Listings Requirements in respect of BEE Securities in July 2015.
In preparation for listing on the JSE, the existing MTN Zakhele OTC share trading platform will cease to operate, and shareholders will be migrated onto a new system that will enable trading on the JSE platform.
"There will be a brief disruption in trading prior to listing from 16 October 2015 to 5 November 2015 to enable, amongst other things, migration of shareholder data."
A CA by training, Mabaso-Koyana is the former Group CFO of Passenger Rail Agency of South Africa (PRASA), a former Executive Partner at Ernst Young and former CFO of Transnet. She was also one of the founders of African Women Chartered Accountants (AWCA).
- Read an interview with MTN CFO Brett Goschen here.
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