After nearly nine years, MTN Zakhele Futhi (MTNZF) will begin distributing returns to shareholders starting July 28, 2025.
The Black Economic Empowerment (BEE) scheme confirmed the timeline in a statement on Tuesday.
Each investor will receive R20 ($1.10) per share, with an additional R2–R3 expected later.
This brings the total return to R22–R23 ($1.20–$1.27) per share.
That figure represents a full return of the original investment with a modest gain.
Launched in September 2016, MTNZF aimed to expand Black ownership in MTN Group.
It targeted individuals and Black-owned businesses, offering shares at R20 each, with a minimum purchase of 100 shares.
“The scheme enabled thousands of investors to participate in the company’s growth through accessible shareholding,” MTNZF said.
“Supported by additional funding, MTNZF allowed for a larger stake in MTN than shareholder contributions alone could have achieved.”
Chairperson Belinda Mapongwana acknowledged market challenges but affirmed the decision to wind down now.
She said the scheme delivered a “modest return” despite years of volatility.
The board voted to end the scheme as market conditions improved in 2025.
MTNZF sold most of its MTN shares last month.
Proceeds are now being used to settle debts, taxes, and costs before final payouts.
Originally set to close earlier, the scheme was extended in 2024 due to a slump in MTN’s share price.
Ending it then could have reduced investor returns.
MTN confirmed the scheme’s new status.
“MTNZF is now essentially a cash-only entity and will no longer operate as an investment vehicle,” the company said.
“Its sole purpose now is to distribute the remaining proceeds to shareholders before being delisted from the JSE and deregistered.”
Once distributions are complete, MTNZF will be delisted from the Johannesburg Stock Exchange (JSE) and formally shut down.
