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MTN BEE offer raises R2.8bn, oversubscribed

Nov 26 2010 07:31 I-Net Bridge

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Johannesburg - MTN Group [JSE:MTN] announced Friday that its MTN Zakhele offering raised R2.78bn from the black public and applications were 1.7 times subscribed.

Members of the black public were invited to apply for ordinary shares in MTN Zakhele. A total of 80.9 million shares were offered R20 per share.

The MTN Zakhele shares were allotted and issued to successful applicants on 24 November.

One of MTN's primary objectives with respect to offer was to achieve truly broad-based empowerment, the group said. In order to achieve this, the allocation process adopted a "bottom up" approach, starting with applications for the minimum number of MTN Zakhele Shares and with a priority for black individuals.

All valid applications for subscription amounts between R2 000 (100 MTN Zakhele shares) and R25 000 (1 250 shares) were accepted in full. In respect of applications for subscription amounts in excess of R25 000, applicants were allocated R25 000 worth of shares plus a percentage of the balance of the shares applied for.

In addition, black people who were RICA-compliant customers of MTN and who did not get their full allocation, received a preferential allocation of up to an additional 200 shares.

As a result, approximately 94% of all applicants, received all of the shares that they applied for.

All black staff and black directors of MTN and its major subsidiaries and their associates were entitled to participate in the MTN Zakhele Offer on precisely the same terms as members of the black public. 

As a consequence of the implementation of the MTN BEE transaction, MTN has issued in aggregate 42 040 364 new MTN ordinary shares to MTN Zakhele, which will be listed on the JSE.
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