MultiChoice concludes share exchange offer to Phuthuma Nathi shareholders
TELECOMPAPER / 04 NOVEMBER 2019 - 09.34 / STAFF REPORTER
The MultiChoice Group (MCG) has concluded its offer to Phuthuma Nathi (PN) shareholders to exchange up to 20 percent of their PN shares for MCG shares.
PN shareholders in both entities (PN1 and PN2) exchanged a total of 3.84 million shares for 3.68 million MCG shares. PN shareholders who chose to participate in the share exchange offer now hold shares in both PN and MCG.
The share exchange fulfils the commitment made by MCG as part of its unbundling from Naspers earlier this year and follows the additional 5 percent share allocation in MultiChoice South Africa (MCSA) that was gifted to PN, a Broad-Based Black Economic Empowerment (B-BBEE) scheme, for no consideration.
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