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MTN Zakhele delays restart of trade

MTN Zakhele chairperson Thulani Gcabashe

MTN Zakhele chairperson Thulani Gcabashe

5th December 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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The resumption of trading in telecommunications group MTN’s broad-based black economic-empowerment (BBBEE) scheme – MTN Zakhele – has been delayed until December 17, as the group continued to add capacity and retest the system.

The online trading platform, which was launched on November 25, experienced technical issues owing to “unprecedented” interest and was halted two days later.

The system was supposed to be back online by Monday, December 2, after the company had added capacity to the online trading system and the call centre.

“We decided to only resume trading when we have a robust system that has been tested against much higher volumes, for the protection of our shareholders and the security of the trading platform as a whole,” MTN Zakhele chairperson Thulani Gcabashe explained on Thursday.

“The level of interest does, however, remain good news for shareholders, as the trading price of the shares depends on demand and liquidity,” he added.

Gcabashe said that, by the end of the first day of trade, about 93 000 MTN Zakhele shares, with a total value of R8.1-million, were traded, closing at R84 a share.

Nearly 64 000 calls were made to the call centre, with 22 385 unique visits to the website.

“On the second day, over 100 000 shares to the value of R7.8-million were traded, with 79 000 calls to the call centre and 25 000 visits to the website. The MTN Zakhele shares closed at R80 a share on Tuesday,” he said.

Edited by Creamer Media Reporter

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