Communications giant MTN and its MTN Zakhele (MTNZ) empowerment vehicle have extended the deadline by which MTNZ shareholders may elect to reinvest in MTNZ Futhi consideration shares to 12:00 on October 28.
The telecommunications group is in the process of unwinding the six-year-old MTNZ, which is being replaced by the new R9.9-billion broad-based black economic-empowerment (BBBEE) transaction scheme MTNZ Futhi.
MTNZ shareholders may reinvest in the new special purpose vehicle, which will also offer opportunities for other black individuals to subscribe through a public offering, with a minimum investment of R2 000.
“The number of MTNZ shareholders wishing to make an election in terms of the election process has notably increased over the past week. MTNZ shareholders are, thus, being afforded another week to participate in the MTNZ reinvestment offer and are encouraged to complete their election and/or application as soon as possible,” the company said in a statement.
Shares for the proposed MTN Futhi scheme will be issued at R102.80 apiece, with initial shareholders locked in for three years, after which, trade among other members of the black public will be opened.
MTNZ will be wound up by November 24.