Response to MTN's Zakhele black economic empowerment offer "significantly exceeded expectations", the JSE-listed telecoms company said on Thursday.
"The offer was more than 1.7 times subscribed and raised approximately R2.8 billion from more than 124,000 applicants from across the country," group president and CEO Phuthuma Nhleko said in a statement.
The majority of the applications were received in the last few days. More than 95 percent of them came from individuals.
In terms of the Zakhele offer, which closed on October 14, an invitation was made to the black public to subscribe for approximately R1.6 billion worth of shares in MTN Zakhele.
The company had designed an "allocation model" to ensure fair treatment of all applicants, with a priority for individuals. Where the full application could not be met, the applicant would be refunded the relevant amount, deposited into their bank account, with interest calculated from October 14.
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Steuart has done some 500 talks on South Africa's progress since 1994 and SA's prospects for the future' 
