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Despite the regulatory pressure its facing in Nigeria, MTN listed its black empowerment scheme on the main board of the Johannesburg Stock Exchange on Thursday.
MTN Zakhele has become the first broad-based black economic empowerment (BEE) scheme to list on the Johannesburg Stock Exchange’s amended BEE Segment.
The vehicle will let previously disadvantaged South Africans invest in the group.
More than 14 million shares valued at over R1,2-billion are owned by about 102,000 black investors.
MTN Zakhele chairperson Sindi Mabaso-Koyana said the move would “provide shareholders with regulatory certainty for trading their MTN Zakhele shares”.
MTN Zakhele has a 4% stake in the MTN group.
