Vodacom in new BEE listing on the JSE

2016-08-11 09:37
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 Vodacom is one step closer to a Neotel tie-up. (D

Vodacom waarsku dat die mark baie mededingend is.

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Johannesburg - South Africa’s biggest mobile network Vodacom [JSE:VOD] has listed its YeboYethu ordinary shares on the JSE’s black economic empowerment (BEE) segment.

The mobile network said the scheme enables shareholders to “buy and sell YeboYethu shares in a regulated environment on the JSE”.

The move also follows a Financial Services Board (FSB) directive that requires companies to shift their over-the-counter BEE share trading to licensed stock exchanges.

“Regulatory certainty aside, one of the major advantages of this move is an anticipated increase in liquidity, which can only be positive for buyers and sellers alike,” said Vodacom Group CEO Shameel Joosub in a statement.

“Being listed on the JSE also means that YeboYethu shareholders will have wider and easier access to professional broking services offered by JSE Members,” said Joosub.

Investors are able to buy the YeboYethu shares from Tuesday, August 11, said Vodacom.

YeboYethu history

YeboYethu was established in 2008 and Vodacom had issued 14.4 million YeboYethu Ordinary Shares at R25 each.

Vodacom also said that, to date, just over 14 million YeboYethu shares have been owned by about 87 534 black investors.

Between February 2014 and July 2016, these shares then changed hands on the YeboYethu OTC (over-the-counter) trading platform while the closing pricing on the OTC trading platform on Friday, July 15 2016 was R53.01 per share.

Read more about: vodacom  |  jse  |  bee