Asonge share offer runs dry as investors splurge

Xolile Bhengu

Xolile Bhengu

More black investors pitched for the National Empowerment Fund's Asonge offer than the 11,7 million MTN shares government made available can satisfy.

Small investors who signed up for the R2000 minimum amount will get their full allocation of about 25 MTN shares each, but individuals who signed up for the maximum R50000 will probably be limited to about R46000 investments now, empowerment fund spokesman Moemise Motsepe said.

Institutions that signed up for the R100000 maximum are also likely to have their allocations cut back.

The extent to which the Asonge offer has been oversubscribed is not known yet since the applications received by Friday's deadline are still being tallied. Furthermore, the final allocation of shares depends on MTN's closing price on August 30.

Government made the shares available through Post Offices. Applicants had to provide certified copies of identity documents, bank account statements, proof of tax registration and contact details.

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