Talk to any black investor who has been investing for at least 10 years and you will either hear regret or joy about Phuthuma Nathi (PN). Regret for not having invested, or having invested too little, or joy at having invested in and holding onto PN for several years.

For those who do not know about PN, it was offered to qualifying black South Africans in 2006. Investors put in R10 equity and there was R40 debt funding. The underlying investment was MultiChoice SA. For many years investors could not trade PN, though they received dividends annually. ..

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