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These were the words of Lungile Lose, GM of communication at the South African Post Office (Sapo). Sapo hopes to process and issue as much as 14.4m Vodacom YeboYethu shares over six weeks to the black public.
In terms of the YeboYethu deal, qualifying blacks (which includes African, coloured, Indian and Chinese) can purchase a minimum of 100 shares at any participating post office for R2 500 YeboYethu shares. A maximum of 1.44m shares may be bought.
Observers may blanche at Lose's optimism. That's because Sapo incurred public disapproval in July after it botched the distribution of a similar empowerment deal launched by Sasol which the petrochemical giant called Inzalo.
The plan, announced in March, saw some R7.8bn worth of Sasol shares issued to black investors. Unfortunately, the scheme was temporarily laid low when the IT system at Sapo went offline.
Sapo subsequently extended its opening hours to cope with the last-minute demand but the long queues were bad press.
"I hope that it doesn't happen again, but the point is that we are ready and experienced," said Lose.
He cautioned that no business could ever fully guarantee that an IT system will work.
"Look at what happened with the JSE a few weeks ago when their systems where down for hours," he said.
Vodacom said it would position queue marshalls during the last two weeks of its empowerment offer - it closes on September 11 - in order to cope with the last minute rush. "The Post Office understands empowerment transactions and has both the experience and geographic reach to allow previously disadvantaged people across South Africa to participate," it said in a statement to Fin24.com.
Bill Gates
In philosophical mood, Lose cited technology giant Microsoft?s Bill Gates who said that technology should be like water in a tap.
"When you open the tap, water must flow out, not blood, not oil. But getting there is a long-term thing," he said.
Like other businesses, there is always a back-up plan in place, he said. SAPO employees were processing information manually when the system failed during Sasol's BEE deal.
- Fin24.com.
