IOL - COMPANIES / 12 NOVEMBER 2019 - 16:30 / DINEO FAKU
JOHANNESBURG – MTN Zakhele Futhi (MTNZF), the special purpose vehicle for the specific purpose of facilitating the investment by previously disadvantaged South Africans in the MTN Group, will list the Johannesburg Stock Exchange (JSE) on November 25.
MTN Zakhele Futhi Shares will list on the Black Economic Empowerment (BEE) segment of the main board of the exchange and will comprise 123.41 million fully paid-up listed shares.
“The BEE listing is expected to endure for a period of five years from the date of listing,” the group said in a statement on Monday.
The group said subsequent to the listing and for the duration of the BEE listing period, the trading in and transfer of MTNZF shares was expected to be subject to certain verification terms and conditions as set out in the MTN Zakhele Futhi memorandum of incorporation and the Relationship Agreement concluded between MTN Zakhele Futhi and MTN on August 9, 2016.
The BEE vehicle, which was launched in 2016 and owns about 4 percent of MTN, and was set up to afford qualifying black investors the opportunity to apply for shares at a discounted rate.
The group recently announced changes to MTN Zakhele Futhi, that included the scheme having the right to appoint its own chairperson and nominate one of its members to the MTN board.
Previously, at least one of the two MTN directors had to be present at an MTN Zakhele Futhi board meeting for a quorum to be constituted, but this requirement had been dropped.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER