Telecommunications giant Vodacom’s empowerment scheme YeboYethu is set to make its debut on the Johannesburg bourse next month.
A maximum of 14.4-million YeboYethu ordinary shares would be listed as asset-backed securities on the black economic empowerment (BEE) segment under thetelecommunications sector of the main board of the JSE by August 11.
The BEE listing was expected to provide YeboYethushareholders with enhanced liquidity, easier price discovery and greater investor protection.
YeboYethu, incorporated as a single purpose vehicle in 2008 as part of Vodacom’s ongoing efforts to further its BEE objectives, now held a stake of 3.44% in its parent company, after 14.4-million YeboYethu ordinary shares were offered at R25 each to qualifying investors.
Now, around 102 000 black investors held shares in the scheme that was valued at R7.5-billion.
YeboYethu had also issued 12-million convertible N shares to Vodacom South Africa’s employee share incentive trust at the time.
The vehicle, however, did not own shares or have any beneficial interests in Vodacom Group. Source: Engineering News