| Naspers supports the aim to incorporate previously disadvantaged communities into South Africa’s mainstream economy.
The Welkom Share Scheme, which was launched in 1999, matured in the period under review with every R1 000 invested yielding a return of R31 000. The total amount paid out to BEE participants was R235 million.
Media24 launched a broad-based black economic empowerment (BEE) share offer, Welkom Yizani, which offered eligible Black Persons and Black Groups an indirect interest of 15% in Media24 Limited. The offer was three times subscribed with over 100 000 applications received for 14,6 million Welkom Yizani ordinary shares. Applicants who applied for more than 430 Welkom Yizani ordinary shares received at least 430 Welkom Yizani ordinary shares, with 85% of the applicants receiving the full number of shares for which they applied.
MultiChoice South Africa completed two successful empowerment transactions, Phuthuma Nathi and Phuthuma Nathi 2. These transactions were structured to be truly broad-based and were reported in the media as “innovative” and “most exciting empowerment schemes”. The response to the schemes was overwhelming.
Phuthuma Nathi offered an indirect interest of 15% in the MultiChoice South Africa pay-television and internet business to eligible Black Persons and Groups. The offer, which closed during the last quarter of 2006, was three times subscribed. Some 120 000 applications were received for the 45 million Phuthuma Nathi ordinary shares on offer. Of the eligible applicants, 98% received the full number of shares applied for.
Phuthuma Nathi 2 offered a further indirect interest of 7,5% in the same business structure to those applicants who did not receive their full allocation in the first Phuthuma Nathi and Welkom Yizani offers. This offer was more than twice subscribed. Approximately 3 500 applications were received for the 22 500 000 ordinary shares on offer. The second transaction was completed on 30 March 2007, with all applicants who applied for up to a maximum of 20 000 shares being allotted the full number of shares for which they applied. Participants will already receive dividends this year. |
