MultiChoice SA’s (MCSA) BEE scheme has, over the years, assumed almost legendary status. After all, which other share would have earned you R92 in dividends over 13 years on an initial investment of just 10 bucks?

The generous returns have benefited hundreds of thousands of people who paid R10 for each Phuthuma Nathi (PN) share they bought from Naspers-controlled MultiChoice back in 2006. But with the Naspers fairy godmother no longer in the picture and the now listed MultiChoice Group (MCG) having to account to a large base of shareholders instead of just Naspers, that generosity might be a thing of the past.

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