Black investors and groups hoping to get a slice of mobile operator MTN, through MTN Zakhele Futhi, at a discount rate now have an additional week to do so. The offer has been extended to Friday, 28 October 2016 at 4pm CAT.
MTN Zakhele Futhi, an empowerment scheme, affords historically disempowered black South African individuals and groups the opportunity to apply for shares in the initiative at R20 ($1.4) apiece, which, in turn, will acquire shares in MTN at a 20 per cent discount to the transaction price. Investors interested in the offer need to apply for a minimum of 100 MTN Zakhele Futhi shares, which will cost R2 000.
Investors in MTN Zakhele -the predecessor of MTN Zakhele Futhi – which will unwind on 24th November, can elect to re-invest for a minimum of 50 MTN Zakhele shares.
The offer period was extended due to a surge of applications in the past week being received by MTN Zakhele as well as participating Nedbank branches of MTN Zakhele shareholders wishing to re-invest in the group .
The MTN Zakhele Futhi offer is one of the options available to existing MTN Zakhele shareholders, other options include getting a cash payment for MTN Zakhele shares, or buying MTN group shares at a 20% discount.
Credit: CNBC Africa