MTN to empower SA with lucrative Zakhele Futhi
JOHANNESBURG, (CAJ News) – MTN said the implement a new R9,9 billion Broad-Based Black Economic Empowerment (BEE) Transaction, MTN Zakhele Futhi, highlighted its commitment to the fundamentals of transformation and empowerment in South Africa.
The MTN Zakhele Futhi Offer is expected to be launched on September 12, and will close on October 21.
MTN will implement Zakhele Futhi will be implemented at the lapse of MTN Zakhele in November. MTN Zakhele has created exceptional value for its 124 00 black investors.
The new vehicle would enable historically disadvantaged individuals and groups to participate in the economic mainstream, and more specifically to give them equity ownership in the company.
MTN Group Executive Chairman Phuthuma Nhleko, says transformation and empowerment remain at the core of MTN’s ethos and culture.
“This new transaction, together with the continuing contribution of the MTN Zakhele transaction, will translate to an effective indirect ‘see-through’ black ownership in excess of 30 percent of
MTN’s South African operations,” he says.
The MTN shares, to be issued to MTN Zakhele Futhi, will be issued at R102,80, a 20 percent discount to the 10-day volume weighted average price (VWAP) per MTN share on August 17 of R128,50.
– CAJ News
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