MultiChoice declared a R1.5 billion dividend on Wednesday for shareholders in its Phuthuma Nathi empowerment scheme, an increase of 13.6% from 2018.
Calvo Mawela, MultiChoice CEO, said the pay-TV operator was "pleased to announce an increased dividend to our Phuthuma Nathi shareholders despite tough economic conditions".
According to MultiChoice the additional 5%-share allocation given to the scheme as part of MultiChoice's listing on the Johannesburg Stock Exchange (JSE) in February this year contributed to the increase in the dividend that was declared.
"The Phuthuma Nathi schemes have now been running for about 13 years and we're proud that we are able to share our success with thousands of black South Africans. The dividends are a way we can demonstrate our thanks to our shareholders for the role they have played in transforming MultiChoice South Africa," said Calvo Mawela.
"By September 2019, approximately R11.9 billion will have been paid in dividends to Phuthuma Nathi companies.
"This is another demonstration of MultiChoice's continued commitment to broad-based black
economic empowerment and to further enhance the value for Phuthuma Nathi shareholders," said Mandla Langa, chairperson of Phuthuma Nathi.
