MTN Zakhele chairman Thulani Gcabashe, has made a promise that it’s all system go.
Gcabashe explains the reason for the almost month-long hiatus is because a number of changes are being implemented, and a vigorous testing process must be followed.
Ordinary shares in MTN Zakhele are owned by about 120 000 black investors, who were locked in for a three-year period after buying in at R20 a share in November 2010. The scheme collectively owns 4% of the MTN Group and has been touted as the largest empowerment deal in the telecoms sector.
“The system crashed because it is a fairly complex system and the large volumes created problems”, says Gcabashe. He explained the demand exceeded what the system could handle.
“I can, however, assure you that we are taking this very seriously and this is evident in the steps we are taking now.”
Last week Gcabashe said Velocity was working to add central processing units to their computer systems. Adequate online capacity, together with an under-resourced 40-person call centre, struggled with the volumes of trades, and nearly 150,000 telephone calls in two days, both eventually collapsing.
Before the termination of trading on November 27, more than 193,000 shares worth R15.9m had changed hands. Prices ranged from R90 to R75 a share, valuing the company at R6.4bn.
