Wrap Text
Condensed reviewed interim financial results for the six months ended 30 June 2016
MTN ZAKHELE (RF) LIMITED
Company registration number 2010/004693/06
JSE share code MTNZBE
ISIN ZAE000208526
CONDENSED REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016
Results overview for the six months ended 30 June 2016
MTN Zakhele (RF) Limited (the Company) continued to deliver pleasing results for the six months ended
30 June 2016.
The pleasing results are mainly due to the increased dividend received from MTN Group Limited (MTN).
During April 2016, dividends of R625,5 million were received compared to R602,9 million in April 2015.
During the interim reporting period, the Company recognised a gain of R192,9 million (June 2015: R165,5 million;
December 2015: loss of R871,9 million) on its derivative financial asset and a gain of R644,2 million
(June 2015: R439,2 million; December 2015: loss of R5 653,7 million) on the available-for-sale financial asset.
The value of the available-for-sale financial asset was calculated based on the MTN share price multiplied by
64 232 040 MTN shares held at 30 June 2016 (June 2015: 62 787 868; December 2015: 64 232 040).
30 June 30 June 31 December
2016 2015 2015
(cents) (cents) (cents)
MTN share price 14 292 22 875 13 289
The Company has no business other than the holding of MTN’s shares and administering the associated funding.
Its success is therefore wholly dependent on the performance of the MTN share price and the ongoing receipt of
dividends to service and repay debt.
Acting in the best interests of its shareholders, the directors continue to use all extra cash to repay the
Company’s debt and so steadily reduce the cost of debt. To this effect 485 863 Class A preference shares were
redeemed on 30 April 2016.
MTN Zakhele’s condensed reviewed interim financial statements for the six months ended 30 June 2016 have been
independently reviewed by the external auditors of the Company, SizweNtsalubaGobodo Inc.
There have been no change to the board of directors during the six months ended 30 June 2016.
SN Mabaso-Koyana GG Gelink
Chairperson: Board of directors Chairperson: Audit committee
Sandton Sandton
11 August 2016 11 August 2016
Condensed statement of profit or loss for the six months ended 30 June 2016
Six months Six months Financial
ended ended year ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Notes R’000 R’000 R’000
Revenue 5 625 514 606 578 970 075
Expenses (14 371) (13 030) (44 714)
Operating profit 611 143 593 548 925 361
Finance income 167 908 1 298
Finance cost (111 703) (107 542) (215 319)
Gain/(loss) on remeasurement of the derivative
financial assets 192 900 165 455 (871 889)
Profit/(loss) before tax 692 507 652 369 (160 549)
Income tax (expense)/credit (35 972) (30 959) 162 780
Profit after tax 656 535 621 410 2 231
Basic earnings per share (cents) 6 618 602 879
Condensed statement of other comprehensive income for the six months ended 30 June 2016
Six months Six months Financial
ended ended year ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Profit after tax 656 535 621 410 2 231
Other comprehensive income: 524 109 356 958 (4 598 708)
Gain/(loss) on remeasurement of the available-for-sale
financial assets 644 248 439 158 (5 653 661)
Deferred tax on the (loss)/gain on remeasurement of the (120 139) (82 200) 1 054 953
available-for-sale financial assets
Total comprehensive income/(loss) for the period 1 180 644 978 368 (4 596 477)
Condensed statement of financial position for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Notes R’000 R’000 R’000
Non-current assets - 16 120 713 6 113 612
Available-for-sale financial assets 7 - 14 362 725 5 392 968
Derivative financial asset 8 - 1 757 988 720 644
Current assets 10 140 003 94 659 3 200 878
Current tax receivable 3 539 3 076 3 539
Other receivables 3 678 3 877 3 501
Cash and cash equivalents 39 198 87 706 51 010
Available-for-sale financial assets 7 9 180 044 - 3 142 828
Derivative financial asset 8 913 544 - -
TOTAL ASSETS 10 140 003 16 215 372 9 314 490
Total equity 7 189 921 11 584 122 6 009 277
Ordinary share capital 809 809 809
Share premium 1 616 956 1 616 956 1 616 956
Retained earnings 4 437 928 3 713 810 3 938 321
Available-for-sale reserve 391 042 4 822 599 (133 067)
Non-distributable reserve 743 186 1 429 948 586 258
Non-current liabilities 260 446 4 566 953 104 335
Borrowings 9 - 3 131 810 -
Deferred tax liability 260 446 1 435 143 104 335
Current liabilities 2 689 636 64 297 3 200 878
Borrowings 9 2 683 622 39 000 3 189 382
Trade and other payables 4 369 3 062 9 333
Trading platform liability 1 645 22 235 2 163
Total liabilities 2 950 082 4 631 250 3 305 213
TOTAL EQUITY AND LIABILITIES 10 140 003 16 215 372 9 314 490
Condensed statement of changes in equity for the six months ended 30 June 2016
Available- Non-
Share Share for-sale distributable Retained
capital premium reserve reserve earnings Total
R’000 R’000 R’000 R’000 R’000 equity
Balance at 1 January 2015
(audited) 809 1 616 956 4 465 641 1 295 367 3 226 981 10 605 754
Total comprehensive income - - 356 958 - 621 410 978 368
Transfer between reserves* - - 134 581 (134 581) -
Balance at 30 June 2015
(reviewed) 809 1 616 956 4 822 599 1 429 948 3 713 810 11 584 122
Total comprehensive loss - - (4 955 666) - (619 179) (5 574 845)
Transfer between reserves* - - - (843 690) 843 690 -
Balance at 31 December 2015
(audited) 809 1 616 956 (133 067) 586 258 3 938 321 6 009 277
Total comprehensive income - - 524 109 - 656 535 1 180 644
Transfer between reserves* - - - 156 928 (156 928)
Balance at 30 June 2016
(reviewed) 809 1 616 956 391 042 743 186 4 437 928 7 189 921
* The transfer between reserves arises in respect of the gain/(loss) on remeasurement of the derivative financial asset
that was recorded in profit and loss. The amount transferred is net of the related deferred tax. This transfer of the
net gain/(net loss) from retained earnings to the non-distributable reserve is effected as the gain/(loss) is currently
not distributable.
Condensed statement of cash flows for the six months ended 30 June 2016
Six months Six months Financial
ended ended year ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Cash (used in)/generated from operations
Profit/(loss) before tax 692 507 652 369 (160 549)
Adjustments for:
Finance income (167) (908) (1 298)
Finance cost 111 703 107 542 215 319
Gain/(loss) on remeasurement of the derivative financial asset (192 900) (165 455) 871 889
Dividends received (625 514) (602 904) (964 647)
Changes in working capital:
(Increase)/decrease in other receivables (177) (1 182) (806)
(Decrease)/increase in trade and other payables (4 964) 381 6 652
Decrease in trading platform liability (518) (624) (20 696)
(20 030) (10 781) (54 136)
Cash generated from operating activities
Cash (used in)/generated from operations (20 030) (10 781) (54 136)
Interest received 167 908 1 298
Interest paid (131 600) (122 109) (211 314)
Dividends received 625 514 602 904 964 647
Tax paid - (3 188) (3 545)
Net cash generated from operating activities 474 051 467 734 696 950
Cash flows used in financing activities
Acquisition of shares used to partially repay Notional
Vendor Finance - (446 211) (712 123)
Redemption of preference shares (485 863) - -
Net cash used in financing activities (485 863) (446 211) (712 123)
Net (decrease)/increase in cash and cash equivalents (11 812) 21 523 (15 173)
Cash and cash equivalents at beginning of the period 51 010 66 183 66 183
Cash and cash equivalents at end of the period 39 198 87 706 51 010
Notes to the condensed interim financial results for the six months ended 30 June 2016
1. GENERAL INFORMATION
MTN Zakhele (RF) Limited is an investment company that was specifically formed to facilitate the implementation of
a broad-based black economic empowerment (B-BBEE) transaction by MTN Group Limited (MTN Group) aimed at maintaining
the MTN Group’s B-BBEE status in support of South Africa’s B-BBEE economic empowerment Codes of Good Practice.
2. BASIS OF PREPARATION
The condensed interim financial information has been prepared in accordance with International Financial Reporting
Standards (IFRS), the presentation and disclosure requirements of IAS 34, Interim Financial Reporting and the
interpretations of these standards as adopted by the International Accounting Standards Board, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by
the Financial Reporting Standards Council and the requirements of the South African Companies Act, No 71 of 2008,
as amended, and the Listings Requirements of the JSE Limited (JSE) relating to asset-backed securities on a basis
consistent with the prior year.
3. ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the annual financial statements for the year ended
31 December 2015, as described in the annual financial statements. During the period under review, the Company
adopted all the IFRS and interpretations that were effective and deemed applicable to the Company. The adoption
of these standards did not have a material impact on the results of the Company.
4. CONTINGENT LIABILITIES AND COMMITMENTS
There is no reimbursement due to any third party for potential obligations of the Company. The Company did not
have any contingent liabilities or commitments at the end of the period.
5. REVENUE
Revenue comprises dividends received from MTN Group Limited of R625,5 million (June 2015: R602,9 million;
December 2015: R964,6 million). No brokerage income has been earned during the six-month period
(June 2015: R3,7 million; December 2015: R5,4 million).
6. EARNINGS AND HEADLINE EARNINGS PER SHARE
The Company presents basic earnings per share and headline earnings per share for its shares.
Basic earnings per share is calculated by dividing profit attributable to equity holders by the weighted
average number of shares in issue during the year.
Headline earnings per share is calculated by dividing the headline earnings attributable to equity holders
by the weighted average number of shares in issue during the year.
There are no dilutionary instruments in issue.
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Number of ordinary shares in issue at end of the period (’000) 80 888 80 888 80 888
Weighted average number of shares (’000) 80 888 80 888 80 888
Profit for the year 656 535 621 410 2 231
Adjusted for the following:
(Gain)/loss on remeasurement of the derivative financial asset (156 928) (134 496) 709 109
Profit attributable to shareholders 499 607 486 914 711 340
Basic earnings per share (cents) 618 602 879
Headlines earnings per share (cents) 618 602 879
There are no items included in the calculation of profit attributable to shareholders which are required
to be excluded in terms of Circular 2/2015, Headline Earnings, in the calculation of headline earnings
per share.
7. AVAILABLE-FOR-SALE FINANCIAL ASSET
The investment comprises 64 232 040 (June 2015: 62 787 868; December 2015: 64 232 040) MTN Group shares. The
total investment (together with the derivative financial asset) comprises 4% of the MTN Group’s issued share
capital. The shares in the MTN Group were partly obtained through a donation received from the MTN Group.
The donation was used to subscribe for 12 045 412 shares at a price of R107,46 per share. Shares were
acquired for cash at a price of R3 680 190 649 in 2010. During the six-month period, no settlement of the
Notional Vendor Finance balance was made. During the previous financial year, the settlement of the Notional
Vendor Finance was partially settled through the acquisition of MTN Group shares in the open market which
amounted to 3 361 556 shares for the year ended 31 December 2015 (June 2015: 1 917 294).
The gain recorded in other comprehensive income for the period is R644,2 million (June 2015: R439,2 million;
December 2015: R5 653,7 million loss).
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
MTN Group Limited shares (purchased from
Public Investment Corporation) 4 762 492 7 622 585 4 428 263
MTN Group Limited shares (purchased from
MTN Group Limited donation income) 1 721 530 2 755 388 1 600 715
MTN Group Limited shares (purchased on
the open market) 2 696 022 3 984 752 2 506 818
9 180 044 14 362 725 8 535 796
MTN Zakhele has an obligation to redeem the outstanding Class A preference shares and an obligation to settle
the outstanding Notional Vendor Financing on 24 November 2016. In so far as MTN Zakhele does not have alternative
resources to do so, it will, subject to obtaining the requisite contractual consents and statutory approvals,
sell such number of MTN shares as are required in order to meet such obligations.
In addition to the above, the directors have announced that the shares held by MTN Zakhele in MTN Group will be
distributed to the MTN Zakhele shareholders as part of the winding up of the Company subsequent to
24 November 2016.
The manner in which the shares will be distributed has not yet been finalised by the board.
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Non-current available-for-sale financial asset - 14 362 725 5 392 968
Current available-for-sale financial asset 9 180 044 - 3 142 828
9 180 044 14 362 725 8 535 796
8. DERIVATIVE FINANCIAL ASSET
As part of the implementation of the MTN Group B-BBEE scheme, MTN Zakhele obtained Notional Vendor Finance
(NVF) to facilitate the purchase of MTN Group shares. MTN Group initially issued 29 994 952 NVF shares to
MTN Zakhele at par value. MTN Group has not exercised any part of the call option over these shares during
the six-month period (June 2015: 1 917 294; December 2015: 3 361 556) leaving 11 131 098 shares subject to
the call option.
As the outstanding debt at a given point is dependent on the dividends generated by the MTN Group during the
life of the option, the structure represents a path-dependent option. Monte Carlo simulation was applied as
the valuation technique which is in line with standard market practice. The significant inputs into the model
were as follows:
- the market price of MTN Group shares of R142,92 (June 2015: R225,75; December 2015: R132,89);
- the NVF balance of R639 703 761 (June 2015: R837 525 250; December 2015: R611 577 380);
- the shares of 11 131 098 (June 2015: 12 575 270; December 2015: 11 131 098);
- volatility of 52,25% (June 2015: 25,22%; December 2015: 37,98%);
- a dividend yield of 2,14% (June 2015: 6,71%; December 2015: 11,26%);
- an expected option life of one year (June 2015: one year; December 2015: one year); and
- annual risk-free rate of 7,33% (June 2015: 6,67%; December 2015: 7,40%).
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Balance at beginning of the period 720 644 1 592 533 1 592 533
Fair value adjustment recognised in profit or loss 192 900 165 455 (871 889)
913 544 1 757 988 720 644
The directors have announced that the shares held by MTN Zakhele in MTN Group will be distributed
to the MTN Zakhele shareholders as part of the winding up of the Company subsequent to 24 November 2016.
This will correspond with the settlement of the NVF facility. As such the derivative financial asset
has been classified as a current asset.
9. BORROWINGS
Class A
The MTN Zakhele Class A preference shares (Class A preference shares) are held by Newshelf 1041 (RF)
Proprietary Limited, voluntary redemption can be effected before the redemption date. The Class A
preference shares are redeemable on 24 November 2016, however, mandatory redemption must be made out
of available cash after three years and one day from the issue date, subject to a cash waterfall.
All payments shall be made upon approval by the directors. Interest is required to be paid out on
30 April and 30 September of each year, following receipt of the bi-annual dividend from MTN Group,
during the term of the preference shares. Other payments are required to be made at any other time and
manner prescribed in the transaction documents, being the documents defined as such in the BIC preference
share subscription agreement. The payment obligation accrues interest which is based on a fixed rate of
6,6787% (being 110% of the 2,545 year interpolated swap rate) until 30 April 2013 and thereafter at a
rate of 71% of prime (NACM) 7,6199%.
A reconciliation of the preference share balance as at 30 June 2016 has been performed as follows:
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Borrowings - preference shares liability
Preference shares liability
Class A preference shares 2 683 622 3 170 810 3 189 382
2 683 622 3 170 810 3 189 382
Short-term portion
Class A preference shares (2 683 622) (39 000) (3 189 382)
(2 683 622) (39 000) (3 189 382)
Long-term portion
Class A preference shares - 3 131 810 -
- 3 131 810 -
Class A cumulative redeemable non-participating
preference shares
3 140 000 cumulative redeemable non-participating
preference shares
Balance at beginning of the period 3 189 382 3 185 377 3 185 377
Capital redemption of preference shares (485 863) - -
Interest paid (131 600) (122 109) (211 314)
Interest accrued at effective interest rate 111 703 107 542 215 319
Balance at end of the period 2 683 622 3 170 810 3 189 382
10. EVENTS AFTER THE REPORTING DATE
The directors are not aware of any matter or circumstance arising after the reporting date to the date of
signing this report that would require adjustment or disclosure.
11. RELATED PARTIES
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Relationships:
Preference shareholder Newshelf 1041 (RF)
Proprietary Limited
Provider of Notional Vendor Finance MTN Group Limited
Non-executive directors Sindisiwe N Mabaso-Koyana
Grant G Gelink
Sonja De Bruyn Sebotsa
The preference shares are issued by MTN Zakhele to Newshelf 1041 (RF) Proprietary Limited (BFC). These are
back-to-back preference shares with the preference shares issued by BFC to the Class A BFC preference
shareholders.
Refer to note 9 for the terms of the preference share borrowings.
Related party balances:
Preference share liability - owing to related party
Newshelf 1041 (RF) Proprietary Limited 2 683 622 3 170 810 3 189 382
Related party transactions:
Interest paid to related parties
Newshelf 1041 (RF) Proprietary Limited 131 600 122 109 211 314
Remuneration of the board of directors - directors’ fees
Sindisiwe N Mabaso-Koyana (appointed 28 May 2015) 156 7 209
Thulani Gcabashe (resigned 28 May 2015) - 108 145
Grant G Gelink 94 81 224
Sonja De Bruyn Sebotsa 87 66 167
Martin J Shaw (resigned 31 August 2015) - 65 120
337 327 865
The directors do not consider the key service providers to be ”key management personnel“ as defined by IAS 24,
Related Party Disclosure.
Reduction of the NVF balance
The Company has not settled any portion of the NVF during the six-month period. During the previous financial
year, the Company partially settled the NVF funding with a payment of R688 785 543 (June 2015: R433 165 163)
to MTN from proceeds of R712 123 033 (June 2015: R446 210 848) via acquiring shares in the open market and
delivering an equivalent number of shares, initially issued by MTN to the Company, back to MTN. The difference
between the amount of NVF settled and the proceeds used for settlement resulted from a calculation mechanism
outlined in the transaction documents, namely volume-weighted average price multiplied by the number of shares
purchased, compared to the actual cost of those shares. The acquired MTN shares are now reflected on the
Company’s statement of financial position and not as part of the derivative option.
12. FAIR VALUE MEASUREMENT
In terms of IFRS 13, Fair Value Measurement, financial instruments that are measured in the statement of
financial position at fair value require disclosure of the fair value measurements by level in terms of
the following fair value measurement hierarchy:
- Quoted prices (unadjusted) in active markets for identical assets and liabilities (level 1)
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2)
- Inputs for the asset or liability that are not based on observable market data (that is, observable inputs)
(level 3).
The fair value of the available-for-sale financial assets is based on the MTN Group share price, as listed on
the Johannesburg Stock Exchange Limited. The fair value of the derivative financial asset is based on a
valuation model.
The inputs to this model include the MTN Group share price, which is an observable input in the market.
Other inputs include interest rates on the borrowings, which inputs are not observable in the market.
The table below presents the Company’s assets and liabilities that are measured at fair value and those at
amortised cost whose fair values are disclosed.
Total
carrying
Level 1 Level 2 Level 3 amount
R’000 R’000 R’000 R’000
30 June 2016
Recurring fair value measurement
Available-for-sale financial assets 9 180 044 - - 9 180 044
Derivative financial assets - - 913 544 913 544
Amortised cost measurement
Other receivables - 3 678 - 3 678
Cash and cash equivalents - 39 198 - 39 198
Preference share liability - (2 692 356) - (2 692 356)
Trade and other payables - (4 369) - (4 369)
Trading platform liability - (1 645) - (1 645)
30 June 2015
Recurring fair value measurement
Available-for-sale financial assets 14 362 725 - - 14 362 725
Derivative financial assets - - 1 757 988 1 757 988
Amortised cost measurement
Other receivables - 3 877 - 3 877
Cash and cash equivalents - 87 706 - 87 706
Preference share liability - (3 188 549) - (3 188 549)
Trade and other payables - (3 062) - (3 062)
Trading platform liability - (22 235) - (22 235)
31 December 2015
Recurring fair value measurement
Available-for-sale financial assets 8 535 796 - - 8 535 796
Derivative financial assets - - 1 592 533 1 592 533
Amortised cost measurement
Other receivables - 54 - 54
Cash and cash equivalents - 51 010 - 51 010
Preference share liability - (3 097 593) - (3 097 593)
Trade and other payables - (9 333) - (9 333)
Trading platform liability - (2 163) - (2 163)
There were no transfers between levels 1, 2 or 3 during the period.
13. GOING CONCERN
On 24 November 2016, the Company is required to settle the preference shares issued to Newshelf 1041 (RF)
Proprietary Limited and the MTN Notional Vendor Finance (the debt). The Company has as its major asset its
investment in the MTN Group, comprising of shares therein. In order to fund the settlement of its debt, the
Company will dispose the requisite number of MTN shares to allow the Company to raise the necessary cash
resources to settle the debt. The Company has formally announced that, subsequent to the settlement of its
debt on 24 November 2016, it will seek to unwind its operations. Subject to approval by the MTN Zakhele
shareholders, the unwind process is expected to involve the distribution of the Company’s shares in the
MTN Group to its shareholders (the distribution). Subsequent to the distribution of the Company’s shares
in the MTN Group, it is the intention of the Company’s directors to effect the unwind process. The manner
in which this process is to be undertaken depends on various factors which would impact the timing of
its conclusion.
Therefore, in terms of the going concern principle assumption, in which an entity ordinarily viewed as
continuing in business for the foreseeable future, with neither the intention of liquidation, ceasing trading
or seeking protection from creditors pursuant to laws and regulations, the above creates uncertainty about
whether the going concern principle can be applied in the preparation of the Company’s interim financial
statements.
However, when the Company ceases trading, the directors are of the opinion that the Company will be in a
position to discharge all of its liabilities, due to the Company’s cash resources and to recover the assets
at their carrying amounts. Therefore, the effect, if any, of preparing the financial statements, other
than on the going concern basis would be negligible.
It is the directors’ assessment that the Company has sufficient resources to settle its current and
future obligations for the foreseeable future.
14. INDEPENDENT REVIEW
These condensed interim results set out on pages 3 to 14 have been reviewed by the Company’s independent
auditors, SizweNtsalubaGobodo Inc., who performed their review in accordance with the International
Standards on Auditing. A full copy of the unmodified review conclusion, which contains an emphasis of
matter paragraph wherein they have drawn the users’ attention to note 13, is available for inspection at
the Company’s registered office.
COMPANY INFORMATION
Postal address
PO Box 225, Highlands, 2037
Registered address
4th Floor, Aloe Grove, Houghton Estate Office Park, 2 Osborn Road, Houghton, 2198
Board of directors
SN Mabaso-Koyana (non-executive chairperson), S De Bruyn Sebotsa (non-executive), GG Gelink (non-executive)
Office of the transfer secretaries
Link Market Services South Africa Proprietary Limited
Registration number 2000/007239/07
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein
PO Box 4844, Johannesburg, 2000
Tel: +27 0861 686925 (0861 MTNZAK)
Fax: +27 086 674 4381
E-mail: zakhele@linkmarketservices.co.za
Company secretary
Levitt Kirson Management Services Proprietary Limited
Registration number 1994/036439/23
Registered office
4th Floor, Aloe Grove, Houghton Estate Office Park, 2 Osborn Road, Houghton, 2198
Auditors
SizweNtsalubaGobodo Inc.
20 Morris Street East, Woodmead, 2191
PO Box 2939, Saxonwold, 2132
Attorneys
Webber Wentzel
90 Rivonia Road, Sandton, 2196
PO Box 61771, Marshalltown, 2107
Sponsor
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Registration number 1929/001225/06
1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, 2196
PO Box 786273, Sandton, 2196
www.mtnzakhele.co.za
Date: 11/08/2016 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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