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BEE share offer oversubscribed
More than 90 000 applications were received for the MultiChoice Phuthuma Nathi share offer by close of last week, according to Nolo Letele, CEO of MultiChoice South Africa, and the offer was oversubscribed. The scheme provided an opportunity for black South Africans to own 15% of MultiChoice South Africa, representing R2.25 billion worth of shareholding.
"The response from the public was heartening. This exceeded our expectations," said Koos Bekker, CEO of Naspers.
The offer ran for five weeks (29 September - 3 November 2006) and included 15 road shows and 350 000 prospectuses being distributed.
Phuthuma Nathi Investments shares will be funded to 20% through cash raised from black investors - African, coloured and Indian individuals and black groups - and to 80% by Naspers.
Details of the exact amounts applied for will be issued this week, once all the figures have been consolidated.
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