Mobile operator MTN has issued a statement confirming that the full implementation of the 2016 MTN BEE Transaction is underway and closing is expected on 23 and 24 November.

The company stated that all transaction conditions pertaining to the Circular, as well as all outstanding conditions under the finance documents have been met.

"MTN Zakhele Futhi Ordinary Shares will be allotted and issued by MTN Zakhele Futhi to successful applicants on Wednesday, 23 November 2016. Information will be communicated to all applicants on or before 23 December 2016 to inform them, inter alia, of the status of their applications, including, where applicable, the extent to which their applications were accepted and the number of MTN Zakhele Futhi Ordinary Shares that were allocated to them. To the extent that applications were not accepted, refunds will be paid on or before 23 December 2016," reads the operator's statement.

According to MTN, since the closing of the MTN Zakhele Futhi offer, approximately R1.094 billion was raised from over 81 000 applicants from across South Africa.

In addition, applications were received from 11 203 qualifying MTN Zakhele Shareholders holding in aggregate 13 479 330 MTN Zakhele Shares to re-invest the MTN Zakhele Scheme Consideration in respect of these MTN Zakhele Shares into MTN Zakhele Futhi Ordinary Shares, equating to approximately R0.817 billion.

The company further explained that applications (in aggregate) from the black public and qualifying MTN Zakhele Shareholders, although exceeding the Minimum Equity Raise (being an amount of R1 234.1 million), were less than the Target Equity Raise (R2 468.3 million).

"The cash raised by MTN Zakhele Futhi under the MTN Zakhele Futhi Public Offer exceeded the minimum amount of cash required for the 2016 MTN BEE Transaction to proceed (being an amount of R250 million). As set out in paragraph 5 below, MTN has exercised the option for its nominee to subscribe for the MTN Zakhele Futhi Underwrite Shares and will accordingly subscribe for 27 848 672 MTN Zakhele Futhi Ordinary Shares for an aggregate consideration of R557 million," MTN stated.

The total number of MTN Zakhele Futhi Ordinary Shares to be issued and allotted on 23 November 2016 is 123 416 822.