Post Office will sell MTN shares at 20% discount

Staff Reporter

Staff Reporter

The National Empowerment Fund deal that allows black investors to buy MTN shares at a 20percent discount was launched in Soweto on Saturday.

This MTN share deal is part of a Trade and Industry Department scheme branded Asonge, which is Zulu for "let us save".

The offer is open to black individuals as well as black savings and investment groups such as stokvels, burial services, trusts, co-operatives and church groups.

Asonge will be available from any branch of the South African Post Office, and will retail at a minimum subscription of R2000, with a maximum of R50000 for individuals and R100000 for savings groups. Investors must be 18 or older, be in possession of a valid South African ID, have a bank account, and be able to produce proof of residence to qualify for the purchase of Asonge shares.

The offer has a one-year lock-in period and investors who hold the shares for two years will receive bonus shares of one for every 10 shares held, which is intended to encourage long-term investment. There will be minimal trading costs and dividends will accrue to shareholders. This offer will be available for three weeks - from July 23 to August 16.

A call centre has been set up to help with queries from possible investors. The number is 0860-123-633.