• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
See More

MTN BEE offer raises R2.8bn, oversubscribed

Nov 26 2010 07:31 I-Net Bridge

Company Data


Last traded 209.50
Change -6.83
% Change -0.03
Cumulative volume 6903432
Market cap 392.23bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

MTN loses ground in SA

MTN pulls in new customers

MTN warns lower call rates to hit revenue

New CEO may hasten MTN move

Nhleko to step down from MTN

MTN CEO to step down

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.
mtn group


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

Ramphele: ANC can be defeated

The African National Congress can be defeated, Agang SA leader Mamphela Ramphele has told supporters in Temba near Hammanskraal.


Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...