The black investors who have seen their R10 a share investment in Phuthuma Nathi* in 2006 increase 14-fold have a month to further stock up and set themselves firmly on the path to wealth. That’s because Naspers, the majority shareholder in MultiChoice, will hand the pay-television operator over to its investors next month. Phuthuma Nathi owns 20% of the MultiChoice shares, which will be separately listed on the JSE, at which point Phuthuma Nathi’s stake will increase to 25%. Free of charge. Call it the pigmentation premium if you wish. Not that the original Phuthuma Nathi investors have anything to complain about when it comes to MultiChoice, which has paid a dividend every year since 2007. This has always been passed on to Phuthuma Nathi investors, amounting to R6.2bn last year. Not bad for a R675m investment 12 years ago. Add to that the combined market capitalisation of R9.1bn for both Phuthuma Nathi schemes at the current market price. Other than an early investment in Naspers ...

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