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The share scheme was launched in 2016 to boost black ownership in the MTN business.
Shareholders of the MTN Black Economic Empowerment scheme, Zakhele Futhi, can expect payment on their investments from today as part of the scheme’s unwind.
MTN has announced that shareholders will receive R20 per share in cash from the scheme, with a further R2-R3/share payout expected at a later stage.
The scheme was launched in 2016 to boost black ownership in the MTN business, but the return is noted as underwhelming with investors only getting back what they invested.
Board Chairperson of MTN’s Zakhele Futhi scheme, Belinda Mapongwana has encouraged investors to reach out to their brokers, and update their details to access the distribution.
“To get your funds, contact your broker. Your broker should have all your updated information. The biggest broker that has most of our shareholders is Singular, but we do have other brokers who have Rand Merchant Bank (RMB) and Standard Bank. Contact your broker and ensure that you have updated your details including you back account which this distribution is going to be paid (into),” says Mapongwana.
