MTN Zakhele announced that it has applied for a further extension for the exemption of its share trading platform as it works towards a JSE listing.
This suggests that MTN Zakhele will miss the June 30 default deadline to list on the JSE.
MTN Zakhele, like other companies operating own shares over-the-counter (OTC) trading platforms, have been ordered by the Financial Services Board (FSB) to meet new standards. MTN Zakhele opted to abandon its OTC and to list on the JSE.
All along MTN Zakhele trading platform has been operating on temporary exemptions from the FSB new rules. The last exemption was issued about three months ago and is set to expire on June 30. MTN Zakhele had promised to move its listing onto the JSE before this expiry date.
Reporting the 2014 financial results, MTN Zakhele chairperson Thulani Gcabashe, said directors were still pursuing the JSE listing.
He said “The JSE is in the process of making amendments to its BEE board in order to accommodate restricted schemes like MTN Zakhele. MTN Zakhele will begin the process of listing once these amendments have been made. Shareholders will be advised in due course of developments relating to the listing.”
The company said it has applied for a further extension to the licence exemption as it continues to work towards a listing in order to enable shareholders to continue to trade their shares in a secure environment.
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