­South Africa’s MTN Group has lifted US$393 million from the sale of shares to black investors, as required under South African laws that aim to increase black ownership of local firms in post-apartheid years. The law is known as black economic-empowerment (BEE).

According to MTN, the company offered 80.9 million MTN Zakhele shares to black South Africans at a discounted US$2.80, although demand for the shares exceeded supply by 1.7 times. The Shanduka Group, founded by MTN Chairman Cyril Ramaphosa, was allocated $187.3 million worth of shares, equivalent to about 9.4 million shares.

According to CEO Phuthuma Nhleko, MTN is delighted to have successfully completed this most important BEE transaction, which is integral to the ethos of the MTN Group and its vision to be a leading provider of communication services in emerging markets. The company is honored and feels a great sense of responsibility that the new shareholders in MTN have aligned parts of their future with that of the MTN Group.