BizNews SA Investing

MTN Zakhele latest: Chairman admits shareholders “frustrated”, apologises, holds thumbs for 17th

19th January 20225th December 2013

The MTN Zakhele saga is sure to generate plenty of research papers among academics in university Communications Departments. On how NOT to do things. A heavy investment in pre-listing marketing completely wasted as trade had to be suspended after a couple hours on the opening Monday. Even bigger mess on day two. A promise to … Read more

MTN Zakhele muck-up continues. Needs two more weeks before trading. And PWC’s audit?

19th January 20225th December 2013

The MTN Zakhele reputational disaster took another turn today with its announcement its trading platform needs another two weeks before it can attempt re-opening. And then only maybe. As the Press Release republished below notes, trading might resume on the 17th December. Maybe. If testing is successful. Over the past few days I’ve spoken to … Read more

MTN Zakhele chairman Thulani Gcabashe admits he has no idea when trading in shares will resume

19th January 20222nd December 2013

MTN Zakhele is sticking to its story that “unprecedented demand” knocked over its share trading system. And says this alone is the reason for the aborted listing of the BEE shares owned by 120 000 investors, not that it erred in choosing an inexperienced service provider. Or the fact that during its two days of … Read more

Whoops – now MTN Zakhele shareholders are told: No trade today, working on it and let you know Thursday

19th January 20222nd December 2013

MTN Zakhele’s disastrous start to life as a traded entity took a turn for the worse when it announced today’s proposed re-opening of trading won’t happen after all. A statement from the company says it will only be able to tell its 120 000 shareholders on Thursday when the trading platform will re-open after a … Read more

MTN Zakhele’s aborted debut followed directors’ decision to engage foreigners who build forex, CFD – not equity – trading systems

19th January 20221st December 2013

Since 1 November, MTN Zakhele shareholders have been encouraged to register ahead of being able to start trading their shares last Monday. An aggressive media campaign was also launched in the run-up to the Big Day. On Biznews.com we ran a story about how the new BEE share listing was due to enjoy vibrant trading. … Read more

Six-bagger MTN Zakhele poised for a vibrant debut when it begins trading when listing via OTC on Monday

19th January 202220th November 2013

There’s a quiet boom happening in BEE shares issued by a number of South Africa’s major public companies. On Monday, 120 000 shareholders in the MTN Zakhele scheme will be able to begin trading their shares. In this interview the scheme’s chairman, former Eskom CEO Thulani Gcabashe explains how these investors have already landed a … Read more