Black investors are riled by ‘long road’ to true empowerment in MTN Zakhele Futhi scheme

November 27, 2019

BUSINESS MAVERICK / 26 NOVEMBER 2019 - 13.33 / RAY MAHLAKA

 

 

Investors were alarmed when Zakhele Futhi commanded an opening price of R1.10 on the first day of its trade on the JSE. This valuation was 95% lower than the R20 investors shelled out in 2016 for each share when MTN’s Black Economic Empowerment scheme was launched.

 

The JSE listing of MTN’s Black Economic Empowerment (BEE) share scheme on Monday 25 November 2019 was meant to pave the way for 89,000 black investors to freely trade shares with their counterparts after a three-year ban.