Phuthuma Nathi – MultiChoice Group


We announced our FY21 Interim Results on 12 November 2020

Visit results site

Phuthuma Nathi is South Africa’s most successful broad-based black economic empowerment share scheme, with more than 90 000 shareholders. Phuthuma Nathi companies (PN1 and PN2) own 25% of MultiChoice South Africa.
Phuthuma Nathi- image

The dividends our shareholders receive through these schemes truly change lives – they go towards educating children, saving for retirement or even building a family home.

B-BBEE Transaction

In 2006 and 2007, Naspers undertook one of the largest Broad Based Black Economic Empowerment transactions ("B-BBEE") in South Africa by enabling the acquisition of a stake in MultiChoice South Africa (“MCSA”) by black investors. Naspers arranged, structured and funded the sale of a 20% interest in MCSA to black investors through Phuthuma Nathi. Today Phuthuma Nathi comprises approximately 90,000 individual and institutional shareholders and its shares are listed on the Equity Express Securities Exchange. Through Phuthuma Nathi, MCSA has provided long-term, far-reaching benefits to B-BBEE shareholders, with an estimated return on investment of approximately 17 times. Phuthuma Nathi shareholders have benefitted from:


  • Capital Growth: Phuthuma Nathi shares have delivered meaningful share price appreciation – an initial investment of R10 per share (at time of the B-BBEE transactions in 2006 / 2007) has increased to a price of approximately R130 per share as of the Last Practicable Date, which represents a CAGR of approximately 24%.
  • Cash Flow: MCSA’s strong financial performance (particularly cash generation) enabled meaningful dividend payments to Phuthuma Nathi shareholders which resulted in Phuthuma Nathi being able to repay its vendor funding in 2014, two years ahead of schedule. As such, Phuthuma Nathi now realises the full value of its MCSA dividends unencumbered, which has further driven the attractive cash flow profile. To date, Phuthuma Nathi shareholders have received approximately R6.2 billion in dividends, relative to a total investment of R675 million, which reflects an internal rate of return of approximately 30%.


To underpin the MultiChoice and Naspers commitment to broad, socio-economic transformation and B-BBEE, Naspers and MultiChoice recently agreed to implement a new empowerment transaction at MCSA. This new transaction will be executed by allocating an additional 5% stake in MCSA to Phuthuma Nathi for no consideration (the "2018 Empowerment Transaction"). The 2018 Empowerment Transaction will be implemented on the Unbundling Operative Date and upon implementation, the Phuthuma Nathi shareholders' indirect interest in MCSA will increase from 20% to 25% and result in a 25% increase in Phuthuma Nathi’s dividend flows. The Listing of MultiChoice may also increase Phuthuma Nathi's and its shareholders potential upside in future value creation as a result of having a listed reference point.

Further, post implementation of the Listing and subject to obtaining the necessary Phuthuma Nathi board and shareholder approvals, it is MultiChoice's intention to enable the exchange of 25% of the Phuthuma Nathi shareholders' original shareholding (before the allocation of the additional 5% discussed above) for MultiChoice Group shares that will be freely tradeable, which is expected to unlock incremental value for Phuthuma Nathi shareholders.

Useful links and downloads for Phuthuma Nathi shareholders


Phuthuma Nathi roadshow – important dates and venues
Please view the video below


Africa's Storytellers

Local Content

We believe in telling African stories that touch lives and celebrate our continent

Africa's Storytellers

Investment in Sport

SuperSport is the largest funder of sports on the continent