/ 26 November 2010

MTN empowerment shares sold out

The MTN Group’s empowerment transaction raised R2,78-billion and had more applications than it had shares available, the telecommunications company said on Friday.

“Following a detailed reconciliation process, MTN Zakhele can confirm that R2,78-billion was raised from the Black public, meaning that the offer was 1,7 times subscribed,” the company said in a statement.

Black South Africans were invited to apply for the 80 900 000 available MTN Zakhele shares at a cost of R20 a share.

The successful applications were allocated their shares on Wednesday.

“Details of how many shares have been allocated will be posted to successful applicants on or about November 29 2010.”

Minimum first
MTN first allocated shared to those applicants who wanted the minimum number of shares to try to achieve true broad-based empowerment.

“All valid applications for subscription amounts between R2 000 (100 MTN Zakhele Shares) and R25 000 (1,250 MTN Zakhele Shares), inclusive, were accepted in full.”

Overall, about 94% of the applicants received all of the MTN Zakhele Shares that they applied for.

Those people who applied but were unsuccessful would get a refund of their money plus interest on about December 3. — Sapa