MultiChoice’s Phuthuma Nathi shareholders will receive R1,3-billion in ordinary dividends.
The dividend was approved by shareholders at the annual general meeting held in Johannesburg yesterday. Total dividends of R10,4-billion have been paid to Phuthuma Nathi since the scheme was launched in 2006.
Phuthuma Nathi shareholders will receive an ordinary dividend of 1 956 cents per ordinary share. The dividend, less 20% dividend withholding tax, will be paid to shareholders on or about 6 September 2018.
Mandla Langa Mandla Langa, chair of Phuthuma Nathi, says: “Our Phuthuma Nathi share scheme is an economic transformation success story. We’re proud to announce that, despite a tough economic environment, we will again pay dividends to our shareholders this year.
“Since launching Phuthuma Nathi 11 years ago, shareholders have received dividends each year – starting at 43 cents in the first year and increasing to 1 956 cents per ordinary share this year. These dividends make a big difference in the lives of our shareholders.”
Phuthuma Nathi is one of the best performing BBBEE schemes in the country.
Nolo Letele, chair of MultiChoice South Africa Holdings, says: “We are proud of our BBBEE scheme, Phuthuma Nathi, and our contribution to economic transformation in South Africa. We are a level 1 BBBEE company and our contribution to the South African economy includes investing billions in our industry. We invest R2,5-billion in the production of local shows and R2,3-billion in sport. In the past financial year, we spent R10,9-billion on our local suppliers and over R133-million on grants and interest free loans to SMMEs. We are about changing lives.”
MultiChoice was formally recognized for its transformation efforts at the TopCo Awards. It received top empowered company awards for Enterprise and supplier development, Business of the Year and ICT award.