MTN BEE scheme readies for JSE debut

Johannesburg - A scheme for previously disadvantaged South Africans to invest in MTN is set to list on the Johannesburg Stock Exchange (JSE).

MTN Zakhele was launched in 2010 and has grown to a market capitalisation of R9bn.

Now, MTN Zakhele plans to be the first broad-based black economic empowerment scheme to list on the JSE's BEE segment. The listing is expected to happen on November 5 2015.

The move comes amid a directive issued by the Financial Services Board (FSB) which plans halt unlicensed exchanges, including over-the-counter (OTC) trades.

“There has been a change in the FSB’s policy in relation to the regulation of all providers of over-the-counter share trading platforms for facilitating trading in own shares,” said MTN Zakhele chairperson Sindi Mabaso-Koyana in a statement.

“The JSE listing will provide shareholders with regulatory certainty for trading their MTN Zakhele shares,” said Mabaso-Koyana.

Earlier this year, the FSB also gave MTN Zakhele an OTC extension to October 2015.

An extraordinary general meeting of MTN Zakhele shareholders is planned to happen on September 29 2015 to approve required resolutions to be able to list on the JSE.

Topics to be discussed include making provisions for MTN Zakhele shares to be held in uncertified form because the JSE does not permit trading in certified shares.

The existing MTN Zakhele OTC share trading platform is further expected to cease operations as shareholders will be migrated onto a system enabling trading on the JSE.

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