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MultiChoice SA’s BEE investors have heartily welcomed the company’s planned separation from parent company Naspers.
The two Phuthuma Nathi share schemes, which give 90,000 black South Africans a 20% stake in MultiChoice SA, leapt as much as 26.6% on Tuesday after a 1.7% gain the day before. Nearly R7m worth of shares changed hands over the two days on the Phuthuma Nathi online trading platform.
This followed Naspers’s announcement that it would unbundle its pay-TV business onto the JSE in the first half of 2019. It will pass its interest in the DStv operator to its shareholders.
Naspers also said it would raise Phuthuma Nathi’s stake in MultiChoice’s SA business from 20% to 25% for no cost..
"It’s an unbelievable BEE story and an unbelievable commitment by Naspers to BEE in SA," Imtiaz Patel, CEO of Naspers’s video entertainment unit, told Business Day.
"I can tell you confidently that this Phuthuma Nathi scheme to date has been one of the most successful BEE schemes in t...
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