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Phuthuma Nathi dividends 'make a difference in shareholders' lives'

Johannesburg - Shareholders of MultiChoice’s broad-based black economic empowerment (BBBEE) scheme Phuthuma Nathi will receive R1.3bn in ordinary dividends, MultiChoice announced on Wednesday.

The dividend was approved by shareholders at the annual general meeting held in Johannesburg on Wednesday. 

Total dividends of R9.1bn have been paid to Phuthuma Nathi since the BBBEE scheme was launched in 2006.

Nolo Letele, chair of MultiChoice South Africa Holdings, said the company is proud of Phuthuma Nathi's contribution to economic transformation.

“Black South Africans have more than 55% financial ownership of MultiChoice, through shareholdings in Naspers and the Phuthuma Nathi share schemes. Our board is made up of 60% black and 30% women directors. Eighty-seven percent of our employees are black and 51% are women. This is an excellent achievement for our group,” Letele said in a statement.

Phuthuma Nathi shareholders will receive an ordinary dividend of 1 926 cents per ordinary share. 

Shareholders will receive the dividend, less 20% dividend withholding tax, on or about September 6.

Phuthuma Nathi chair Mandla Langa said the share scheme is an economic transformation success story.  

“We're proud to announce that, despite a tough economic environment, we will again pay dividends to our shareholders this year. Since launching Phuthuma Nathi 11 years ago, shareholders have received dividends each year – starting at 43 cents in the first year and increasing to 1 926 cents per ordinary share this year. These dividends make a big difference in the lives of our shareholders,” Langa said. 

MultiChoice was formally recognised for its transformation efforts at the Oliver Top Empowerment Awards. 

The company was nominated as a finalist in four major categories, breaking a 16-year record for the number of nominations received. 

The categories were: top empowered company in socio-economic development, skills development, enterprise and supplier development, and top empowered business of the year.

MultiChoice was named top empowered company in the enterprise and supplier development category. The company has spent R10.4bn with BBBEE suppliers in 2017, including R3.3bn with small and medium enterprises.

MultiChoice issued the Phuthuma Nathi over-the-counter shares in 2006 as part of its BBBEE scheme.

The scheme has also resulted in black South Africans owning 20% of the company.

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