MTN Zakhele trade to resume Wednesday
Two months after its first launch, telecommunications group MTN said it was ready to relaunch the trading platform for its R13.8-billion broad-based black economic-empowerment scheme on Wednesday.
On November 25, MTN Zakhele, which was established in 2010 and owned 4% of MTN, launched an over-the-counter trading system, comprising an online trading platform and dedicated call centre, 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.
The first day of trade saw about 93 000 MTN Zakhele shares, closing at R84 apiece, to the value of R8.1-million being traded, with nearly 64 000 calls made to the call centre and 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.
The group had aimed to resume trading on December 17, but required regulatory authorities’ approval of the upgraded and enhanced system, and results of testing had delayed the resumption date, MTN Zakhele chairperson Thulani Gcabashe said.
“We sincerely regret the delays and the inconvenience which users have experienced,” he said, adding that the upgraded trading platform had been thoroughly tested and the capacity of the call centre was increased to handle a higher call volume.
“We are confident that the updated system is robust and will be able to accommodate higher volumes of activity upon resumption of trading on Wednesday,” Gcabashe concluded.
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