In a stressed economy, some people will have that rare experience of ‘smiling their way to the bank’ and start planning their holidays in paradisiacal destinations of the world. The privileged few are shareholders of the Multichoice’s broad-based black economic empowerment (BBBEE) scheme, Phuthuma Nathi.
A statement from Multichoice says Shareholders of MultiChoice’s broad-based black economic empowerment (BBBEE) scheme, Phuthuma Nathi, will receive R1.2bn in ordinary dividends this year. The figure is slightly over double the R554m amount paid to ordinary shareholders in 2014.
The dividend windfall is a result of Phuthuma Nathi being declared debt-free this year.
In nine years, Phuthuma Nathi’s growth has been phenomenal. MultiChoice issued over-the-counter shares in 2006 as part of its BBBEE scheme. Through the scheme, black South Africans now own 20% of Multichoice.
