Potential shareholders in MTN's R9.9 million Broad-Based Black Economic Empowerment (B-BBEE) scheme Zakhele Futhi will have an extra week to officially participate as a result of an extension by the mobile operator.

The empowerment scheme, a replacement of the company's special purpose empowerment vehicle MTN Zakehle, was launched on 12 September.

MTN said black South African individuals and groups could apply for up to 123,416, 819 ordinary shares in MTN Zakhele Futhi at R20 per share and had until 21 October 2016 to do so.

At the time MTN Group Executive Chairman Phuthuma Nhleko said, "This new transaction, together with the continuing contribution of the MTN Zakhele transaction, will translate to an effective indirect "see-through" black ownership in excess of 30% of MTN's South African operations."

Today in a statement released by the company MTN said that the number of applications received, either by shareholders wanting to make an election in terms of the election process afforded to them, or from those wishing to participate in the public offer, has increased.

"As such, MTN and MTN Zakhele have agreed to extend the MTN Zakhele Futhi Offer by a week to Friday, 28 October 2016, largely to allow MTN Zakhele Shareholders, who wish to elect MTN Zakhele Futhi Ordinary Shares, additional time to complete their Re-Investment Offer election process, which includes completing their applications at a participating Nedbank branch. Potential new investors (Cash Applicants) and MTN Zakhele Shareholders are thus being afforded an additional week to participate in the MTN Zakhele Futhi Offer and are encouraged to complete their applications and/or elections as soon as possible," the company stated.

MTN Zakhele Futhi ordinary shares will be allocated on 23 November 2016.