MTN Zakhele pushes back trading date - CNBC Africa

MTN Zakhele pushes back trading date

Southern Africa

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MTN Zakhele owns four per cent of MTN Group Limited’s total issued ordinary shares. PHOTO: MTN

“With the additional capacity that we are adding and changes we are making to our system, we are confident that the system will be able to accommodate additional volumes, but we must complete thorough testing before we resume trade. We believe that this is in the interests of all users,” said MTN Zakhele chairman Thulani Gcabashe.

“We have also taken steps to increase capacity at the call centre to handle an increased volume of calls. The team continues to work round the clock so that we can complete our testing as soon as reasonably possible. We will be in a better position to make an announcement by Thursday this week.”

MTN Zakhele, a ring fenced special purpose vehicle created to effect the MTN Zakhele offer and related aspects of the MTN BEE Transaction, suspended trading on 27 November 2013 to add capacity and re-test the system prior to the resumption of trade.

“While we regret any inconvenience which users may have experienced, the level of interest remains good news for shareholders as the trading price of the shares depends on demand on the trading platform and liquidity. With this level of interest, this will continue to be a truly successful scheme,” said Gcabashe.

MTN Zakhele, which owns four per cent of [DATA MTN:MTN Group Limited]’s total issued ordinary shares, operates trading in ordinary shares in the 13.8 billion rand broad based black economic empowerment scheme. 

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