MTN Zakhele resumes trade, boasts record movement
Telecommunications group MTN has successfully relaunched its much-delayed broad-based black economic-empowerment (BBBEE) trading platform, with uptake exceeding that of the first two days of operation during its first launch in November.
The upgraded trading system for the R13.8-billion BBBEE scheme remained “stable and robust” throughout Wednesday, managing the “high volumes of traffic with ease”, MTN Zakhele chairperson Thulani Gcabashe said.
Nearly 640 000 MTN Zakhele shares with a total value of about R53-million were traded, compared with the 193 000 MTN Zakhele shares – valued at R15.9-million – traded during the first two days of trade in November.
Shares closed at R82.55 apiece, marking MTN Zakhele’s “most successful trading day thus far”.
The platform, comprising an online trading system and dedicated call centre, experienced heavy trading throughout the day, with as many as 3 000 traders simultaneously engaged in trading at times, Gcabashe pointed out.
“We are pleased to acknowledge the huge demand shown for MTN Zakhele shares and are satisfied with what has been achieved today. We thank our shareholders for exercising patience during the period of suspension,” he commented.
On November 25, MTN Zakhele, which was established in 2010 and owned 4% of MTN, launched the over-the-counter trading system to provide qualifying black investors the opportunity to buy shares from existing MTN shareholders.
Trading was halted a few days later owing to “unprecedented” interest in the initiative, requiring the group to expand and enhance the platform’s capacity.
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