The headquarters of MTN in Johannesburg, South Africa. File picture: Mike Hutchings/Reuters

Johannesburg - MTN’s empowerment scheme MTN Zakhele had raised R2.32 billion through an accelerated book build, the company said yesterday.

MTN Zakhele placed more than 21 million shares at R110.50 each, MTN said.

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When it announced the decision to unwind the scheme and introduce a new one, called Zakhele Futhi, MTN said in August that MTN Zakhele was required to settle all outstanding third party funding obligations, including preference share and notional vendor finance.

MTN Zakhele, which was established in 2010 and listed on the JSE's black economic empowerment segment in November last year, reached maturity last week.

Riaz Gardee, the mergers and acquisitions principal at MMI Holdings, said yesterday that MTN Zakhele shareholders should be pleased with the return of almost 250 percent over the past six years.

“That translates to approximately 17 percent per annum for the six-year period. Investors entered the scheme at R20 and the last closing price was just over R50. The scheme is currently being unwound.

MTN shares on the JSE closed 0.48 percent up at R113.86.