The suspended MTN Zakhele online trading platform is promising to be back up on Monday next week, the 27th of January 2014.
Following a disastrous launch of the over the counter (OTC) trading platform for MTN Zakhele shares, on the 25th of November 2013, the platform collapsed two days after the launch.
The collapse was followed by vague and unmet promises of bringing the platform back up. This has dampened excitement on what was promising to be an incisive story of mass based black economic empowerment (BEE). At last official communication, MTN Zakhele administrators promised to have the trading platform back up in January 2014.
A browse into mtnz.co.za, the address dedicated to host online trading of the MTN Zakhele shares yields the following message:
“This site is under scheduled maintenance and will be available from Monday 27 January 2014
Following approval granted by the regulatory authorities, trading in MTN Zakhele ordinary shares will resume on Wednesday, 29 January 2014.”
MTN Zakhele shares became due for trading in November last year after three years of existence. The multibillion rands BBBEE scheme attracted 120000 investors at launch in 2010.
Investors paid R20 a piece to participate in the scheme and were subsidised via loan funding to gain indirect exposure to the JSE listed MTN Group. Since launch of the BBBEE scheme in November 2010, MTN Group shares have gained significantly and the company has provided good dividend which has benefited the MTN Zakhele shares.
When the MTN Zakhele trading platform was launched on the 25th of November 2013, the BBBEE shares opened at levels around R85 per share and many trades were struck at between R80 and R90 which makes for a good return for investors who came in at R20. The MTN Zakhele share was trading at R80 when the trading platform was shut on the 27th of November 2013. All eyes will be on what price the share will track when the trading platform is re-launched.