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More shares for previously disadvantaged The African Bank Limited's (Abil) Hlumisa share scheme has thrown open an additional share offer to ordinary people who last year invested in the initiative. An SMS circulated last weekend informing
shareholders that a letter and circular setting out details had been posted. A month ago Abil announced plans to off-load further shares to previously disadvantaged individuals and groups, this time at a whopping discount of 70% per share. On another unrelated front, the National Empowerment Fund (NEF) has announced that ordinary people who invested in its Asonge Share Scheme—and had resisted the temptation to sell their shares — would at the end of September be rewarded with one bonus share for every ordinary 10 shares held. In 2007, the NEF sold half of its 1.5% in MTN to more than 86 000 black investors via the Asonge Share Scheme.
At the time investors bought the shares for R73.84. representing a 20 % discount. Compare this to the MTN share price of R 124,58 per share as at close of business on the Johannesburg Stock Exchange, then you have the makings of a few tycoons in the townships and villages. Also at the end of this month, the Asonge Share Scheme investors, among others, are likely to receive a windfall from Bharti Airtel of India, which plans to purchase 49% of MTN, with the South African cellular network provider also bidding for a stake in the Indian conglomerate. Behind-the-scenes activity seems to suggest a deal was on the cards, with the National Treasury last week confirming it was processing an exchange control application from MTN for the proposed merger with Bharti Airtel. On the other hand, Bharti Airtel has reportedly shortlisted the Indian and foreign banks lining up to fund the deal. Analysts are agreed allround that a deal should see the MTN share price
hitting the roof.
M e a n t i m e , Multichoice South Africa recently advertised its annual general meeting for shareholders in its broadbased black economic e m p o w e r m e n t Phuthuma Nathi share
scheme. Shareholders are expected to vote for or against a dividend of 53,3 cents per share
declared by the company.
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