MTN launches R8.1bn shares scheme

first_imgMTN is implementing Zakhele, its BEE deal. (Image: Bongani Nkosi) MTN, the biggest mobile phone operator in Africa, has finally launched its R8.1-billion (US$1.1-billion) broad-based black economic empowerment (BEE) shares scheme in South Africa.This is welcome news for current and potential investors, as the deal has been on the cards for two years now and looked set to be plagued by further delays in July 2010, when it was announced there were “severe constraints in financial markets”.The name of the new BEE scheme is Zakhele, which means “built it yourself” in local Nguni languages. It came into effect on 30 August.MTN is inviting share applications from previously disadvantaged black South Africans, which by law includes African, coloured, Indian and Chinese citizens. Individuals and groups can apply for shares.The 4% equity deal will increase the group’s BEE ownership, which currently stands at 29.9% when combined with its other economic empowerment initiatives like the Asonge scheme facilitated by the National Empowerment Fund in 2007.MTN Zakhele is the largest empowerment deal in South Africa’s telecommunications industry history, following Vodacom’s R7.5-billion ($1-billion) BEE scheme in 2008. The Vodacom deal also targeted previously disadvantaged black South Africans and benefited the group’s partners, Royal Bafokeng Holdings and Thebe Investment Corporation.“MTN believes that broad-based BEE participation is important to its future success as a group,” MTN president and CEO Phuthuma Nhleko said in a statement.The group has supported black empowerment since 1994 and will seek to provide long-term and sustainable benefits to black South Africans, Nhleko said.“It is for this reason that we have structured the new MTN BEE transaction through an offer to the black public, acting as far as possible within the letter and the spirit of the codes and empowerment requirements for South African businesses.”Karel Pienaar, MTN South Africa managing director, said in July that the empowerment transaction “will enhance MTN SA’s BEE credentials and supplement other areas of the BEE scorecard such as preferential procurement, skills development, employment equity and enterprise development”.Black investors who qualify for the scheme are being offered shares at R20 ($2.70) apiece. The minimum investment amount is 100 shares, which is worth R2 000 ($270).MTN and the Public Investment Corporation have made 75-million shares available through the Zakhele scheme, which is planned to run for six years.MTN black employees will also benefitThe group said it will offer about 0.1% of its issued share capital to its Employee Share Ownership Plan to benefit BEE-eligible employees. Management and directors of the JSE-listed company will not be allowed to participate in this scheme.MTN is a big player in South Africa and creates stiff competition for other local operators like Vodacom and Cell C. It’s a multinational firm, operating in 21 African countries and the Middle East. In 2006 it had 40-million subscribers, and this number has been growing ever since.last_img read more

Ben Simmons ready to play for Australia’s Boomers

first_imgCatholic schools seek legislated pay hike, too Warriors ride Stephen Curry’s hot hand, take Game 1 vs Trail Blazers View comments Simmons was criticized in Philadelphia for his lack of impact in the playoffs.pic.twitter.com/Rld2p2XEEYFEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logistics— Ben Simmons (@BenSimmons25) May 15, 2019 Don’t miss out on the latest news and information. ‘Rebel attack’ no cause for concern-PNP, AFP MOST READ DA eyes importing ‘galunggong’ anew Private companies step in to help SEA Games hosting Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venuecenter_img PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Duterte wants probe of SEA Games mess Philadelphia 76ers guard Ben Simmons (25) passes the ball as Toronto Raptors forward Kawhi Leonard (2) and teammate Fred VanVleet (23) look on during first half NBA Eastern Conference semifinal action in Toronto on Sunday, May 12, 2019. (Frank Gunn/The Canadian Press via AP)SYDNEY — Ben Simmons is set to play for Australia after confirming in an online video “I’m going to be a Boomer for the upcoming events.”Simmons’ NBA season ended when his Philadelphia 76ers were knocked out of the Eastern Conference semifinals on Kawhi Leonard’s Game 7-ending buzzer-beater for Toronto.ADVERTISEMENT Cayetano: Senate, Drilon to be blamed for SEA Games mess The NBA All-Star didn’t specify his list of upcoming events in the video he posted on Twitter — telling his followers to stay tuned — but it’s widely expected he’ll join the likes of Patty Mills, Andrew Bogut and Matthew Dellavedova in Australia’s squad for the FIBA World Cup which starts Aug. 31 in China.Australia’s Boomers have never finished higher than fourth in the World Cup or Olympics but are growing in confidence with an increasing number of players in the NBA.The Boomers are scheduled to play two warmups against the World Cup champion U.S. team in Melbourne, Australia, on Aug. 22 and 24.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next LATEST STORIES Two-day strike in Bicol fails to cripple transportlast_img read more

‘Character’ key to Blackwater’s early success, says Ray Parks

first_imgEthel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Cayetano: Senate, Drilon to be blamed for SEA Games mess Duterte wants probe of SEA Games mess Catholic schools seek legislated pay hike, too Undas tradition: 2 mom’s crusade against trash at cemeteries PLAY LIST 01:44Undas tradition: 2 mom’s crusade against trash at cemeteries01:1355,000 early birds flock at Manila North Cemetery00:50Trending Articles02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Photo by Tristan Tamayo/INQUIRER.netANTIPOLO CITY—Blackwater is off to one of its best starts in franchise history going 5-1 in its first six games in the PBA Commissioner’s Cup after a 132-106 thrashing of NLEX on Saturday at Ynares Center hereThe Elite are currently atop the league standings after their brutal beatdown of the Road Warriors and star rookie Bobby Ray Parks said it’s a testament to the team’s character and willingness to deliver.ADVERTISEMENT Two-day strike in Bicol fails to cripple transport ‘Rebel attack’ no cause for concern-PNP, AFP Parks had plenty of help in import Alex Stepheson who had 21 points, 17 rebounds, and five assists, and forward Allein Maliksi who also had 21 points, nine of which came in the fourth.Parks, despite the huge offensive outing, said the Elite still have to improve on defense after allowing the Road Warriors to shoot at a 44.9 percent clip.“Both teams played great offense but at the end of the day, we still got to work on our defense,” said Parks. “I think we should have limited them more.”ADVERTISEMENT Sports Related Videospowered by AdSparcRead Nextcenter_img Fueling the Elite’s win was their blistering offense with three players scoring at least 20 points and two more putting up at least 10.Blackwater shot the ball with such efficiency, converting 50 of its 88 attempts and going 13-of-25 from beyond the three-point arch.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logistics“It’s the character of the team, we have a lot of scorers and a lot of people took sacrifices to let other players play their game,” said Parks, who finished with 29 points five assists, and two steals.“Anybody can pop off at any given night and that’s great firepower to have.” MOST READ View comments Private companies step in to help SEA Games hosting DA eyes importing ‘galunggong’ anew LATEST STORIES Don’t miss out on the latest news and information. Ray Parks scores 29, Blackwater rips NLEXlast_img read more

Global Industry Alliance Welcomes Maersk

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Danish shipping group A.P. Moller – Maersk A/S has become the latest member to join the Global Industry Alliance (GIA) aiming to support low carbon shipping, the International Maritime Organization (IMO) said.Following the addition of Maersk and the Panama Canal this March, the GIA now comprises eighteen members.Maersk signed up to the GIA during the fifth meeting of the GIA Taskforce at IMO Headquarters in London on March 15, 2019.The GIA Taskforce meeting progressed work on several ongoing projects, including on the validation of performance of energy efficiency technologies, the assessment of barriers to the uptake of just-in-time operation of ships and resulting emission saving opportunities from its effective implementation, as well as work on the current status and application of alternative fuels in the maritime sector and barriers to their uptake.The Taskforce was also shown a preview of an open-access e-learning course on the energy efficient operation of ships, which is expected to be completed and launched later this year.Additionally, the Taskforce formalized the extension of the GIA until December 31, 2019, and agreed to develop a White Paper outlining a vision and potential priority areas for the GIA.Launched in June 2017, the GIA is an innovative public-private partnership initiative of the IMO, under the framework of the GEF-UNDP-IMO Global Maritime Energy Efficiency Partnerships (GloMEEP) Project that aims to bring together maritime industry leaders to support an energy efficient and low carbon maritime transport system.Current members of the alliance are shipowners and operators, classification societies, engine and technology builders and suppliers, big data providers, oil companies and ports.last_img read more