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MTN BEE offer 1.7 times subscribed

Johannesburg - Mobile telecommunication group MTN Group [JSE:MTN] said on Thursday that response to its MTN Zakhele BEE public offer had significantly exceeded expectations.
    
An invitation was made to the black public to subscribe for approximately R1.6bn worth of shares in MTN Zakhele.
 
The offer, which closed on October 14, was more than 1.7 times subscribed and raised about R2.8bn from more than 124 000 applicants from across South Africa, MTN said.

The group said that the majority of the applications were received in the last few days and the smooth running of the process bears testament to the South African Post Office collection process.
    
MTN noted that it sought to achieve a broad-based transaction that benefits all qualifying South Africans and was evidenced by the applications received, with more than 95% of applications received from individuals.

MTN group president and CEO, Phuthuma Nhleko said: "The goal of MTN was to create a truly broad-based empowerment transaction that would allow ordinary qualifying South Africans to become shareholders in MTN (through MTN Zakhele).

The success of the MTN Zakhele Offer has been overwhelming and represents the first step by qualifying South Africans towards building their future with MTN Zakhele Shares."
    
MTN said it believed that broad-based BEE participation was important to its future success, and in order to ensure this was achieved, the group had designed an allocation model that would ensure fair treatment of all applicants with a priority for individuals.
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