Phuthuma Nathi investors to get R1.3bn
MultiChoice’s empowerment scheme is one of SA’s successful broad-based BEE schemes
MultiChoice’s empowerment scheme investors are set to receive R1.3bn in dividends this week. The Phuthuma Nathi empowerment scheme has paid R10.4bn in dividends to black investors since it was launched in 2006.
Phuthuma Nathi is one of SA’s successful broad-based BEE schemes. "Our Phuthuma Nathi share scheme is an economic transformation success story," said Phuthuma Nathi chair Mandla Langa.
Since launching Phuthuma Nathi 11 years ago, shareholders have received dividends each year, starting at 43c in the first year and increasing to R19.56 an ordinary share in 2018.
"These dividends make a big difference in the lives of our shareholders," Langa said.
MultiChoice SA chair Nolo Letele said: "We are proud of our BBBEE scheme, Phuthuma Nathi, and our contribution to economic transformation in SA."
MultiChoice has invested R2.5bn in the production of local shows and R2.3bn in sport, Letele said.
"In the past financial year we spent R10.9bn on our local suppliers and over R133m on grants and interest-free loans to SMMEs [small, medium and micro enterprises]. We are about changing lives," he said.
MultiChoice is facing increased competition from online video streaming platforms such as Netflix.
MultiChoice has said the Independent Communications Authority of SA should look into levelling the playing field to enable other pay-TV operators to compete with over-the-top players such as Netflix.