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Great interest in MTN Zakhele offer

Sep 09 2010 12:07 I-Net Bridge

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Johannesburg - Mobile telecommunications company MTN Group [JSE:MTN] said on Thursday that transaction volumes for its black empowered Zakhele public offer have been unprecedented.

MTN Zakhele is an R8.1bn black economic-empowerment scheme. The offer opened to the black public on August 30 and will remain open until October 14, at R20 per share, with a minimum requirement of 100 MTN Zakhele shares at a cost of R2 000, MTN said.

From day one of the offer, transaction volumes have been unprecedented, with some investors lodging their applications within hours of the public offer going live, MTN said.

It said that transaction volumes recorded during the first week of the offer revealed great interest, with almost 100% of individual and group (businesses) investors who lodged their Zakhele share applications paying for the shares when submitting their application forms.

"This impressive response shows demand for this type of long-term investment among black investors, and that MTN Zakhele is an attractive, well priced and structured mechanism through which individual and group investors can build their future," said Xolisa Vapi, MTN Group's acting group executive for corporate affairs.

According to the Post Office, which is the application channel for MTN Zakhele shares through its 1 530 outlets countrywide, the public's response in the first two weeks was far higher than that of black public offerings they have handled in the past.

Applications for MTN Zakhele shares have come from across the country, with Gauteng and KwaZulu-Natal among the top provinces so far in terms of transaction volumes, MTN said.
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