Black ownership of MultiChoice up to 40 per cent

Posted by News Express | 28 June 2016 | 3,047 times

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The black shareholding in DSTV-owner MultiChoice has increased to 40%.

This was announced by MultiChoice SA’s board chairman Nolo Letele during a media briefing on Tuesday.

The Phuthuma Nathi companies‚ the black economic empowerment share scheme of Multichoice‚ own 20% of the company.

MultiChoice is a subsidiary of media giant Naspers.

Letele said white South Africans owned a total of 40.8% of MultiChoice via Naspers and “racially undetermined or undeterminable” South Africans own 18.6% through the parent company.

Naspers is 26% owned by black South Africans; however‚ 23% of the ownership is through mandated funds and 2.2% through retail investors holding beneficial ownership on behalf of black South Africans.

Letele said: “The number of shareholders in MultiChoice through Phuthuma Nathi is just under 90‚000 and … it started at 119‚000 shareholders when we started the scheme.”

The shareholders include individuals‚ companies‚ stokvels and trust accounts.

“The business is facing headwinds as we have seen the rand taking a beating and we have seen the downgrading almost at our doorstep and we might yet see that downgrade at the end of the year‚” he said.

“But MultiChoice has performed strongly against these headwinds but the future we cannot predict and we will continue to do what we do best‚” he said. (TMG Digital)

Source: News Express

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