MTN Zakhele ordinary shares resumed trading yesterday and ended the day at a price of R82.55 per share which makes for a huge profit for sellers who entered the BBBEE scheme at about R20 per share.
The over the counter trading of MTN Zakhele shares were relaunched following a month long suspension due to technical glitches when the trading platform was launched in November 25 2013.
MTN Zakhele administrators declared yesterday’s trading a success saying the system remained stable and robust throughout the day, managing the high volumes of traffic with ease. It was reported that yesterday’s trading was heavy throughout the day with about 3 000 traders simultaneously engaged in trading at times. “This resulted in the market remaining liquid and active until close of business with very tight bid and offer spreads.”
At the close of the market, at 5pm, MTN Zakhele reported that 639 780 MTN Zakhele shares with a total value of about R53 million were traded. This, said the administrators, was the most successful trading day thus far.
MTN Zakhele Chairman, Thulani Gcabashe said “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.”
MTN Zakhele is touted as a R13.8 billion BBBEE scheme which owns 4% of MTN Group. The scheme was launched in 2010 and attracted about 120000 investors. These investors were locked in for three years. On the 25th of November 2013 they were allowed to trade their shares within a limited over the counter trading platform. This allowed for entry of new black investors.
Registration for trading in these shares can be done via a call centre and website. The call centre number is 083 123 6869. The website address is at http://www.mtnz.co.za