MTN Zakhele on Thursday became the the first company to list on the Empowerment Segment of the JSE this year.
The listing of MTN Zakhele‚ which was “established as a vehicle for previously disadvantaged South Africans to invest in MTN Group”‚ follows a directive from the Financial Services Board to ensure that all over-the-counter (OTC) share trading platforms become regulated.
MTN Zakhele chairperson Sindi Mabaso-Koyana described it as “a significant milestone for our shareholders”.
“The listing…provides MTN Zakhele shareholders with several advantages. In particular‚ the JSE listing provides shareholders with regulatory certainty for trading their MTN Zakhele shares‚” Mabaso-Koyana said in a statement.
“We anticipate that a listing will provide black participants with greater liquidity in comparison with the OTC share trading platform; with price discovery‚ as the JSE’s share prices are publically available across most print and online financial publications.”
The statement made no mention of the $5.2-billion fine the embattled MTN Group – in which MTN Zakhele has a 4% stake – is facing from regulators in Nigeria for failing to disconnect customers with unregistered phone cards.
Edited by: RDM News Wire
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