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21 JANUARY 2019

Dear Phuthuma Nathi Shareholder

MultiChoice Group makes progress on its planned listing

As a valued shareholder of MultiChoice South Africa (MCSA), we are pleased to inform you that a pre-listing statement providing further details regarding the Naspers Group’s intended unbundling and listing of MultiChoice Group Limited (MCG) on the Johannesburg Stock Exchange (JSE) was released today. The detailed documents and media releases are available on the Phuthuma Nathi website:, the MultiChoice Group website and the transaction website

Since inception, Phuthuma Nathi (PN) shareholders’ investment in MCSA has delivered 17 times the initial investment amount in share price growth and dividends (approximately R6.2 billion has been paid in dividends to all PN shareholders).

Please note that as a PN shareholder, you will continue to hold shares in MCSA through the PN companies. As part of the unbundling and listing of MCG, however, the collective holding of the PN schemes in MCSA will be increased from 20% to 25%. Your dividend flows, via the PN companies, will also increase by 25%. The additional 5% stake in MCSA will be gifted to PN companies on the effective date of the unbundling (expected to be 4 March 2019) and demonstrates the commitment of both Naspers and MCG to transformation in South Africa.

In addition, sometime after the listing and subject to PN board and shareholder approvals, MCG intends to give PN shareholders the opportunity to exchange 25% of their PN shareholding that they hold before the 5% stake is allocated, for shares in MCG. Shareholders would then be able to choose whether to keep or sell these shares on the JSE. MultiChoice, as one of the fastest growing pay-TV broadcasters globally, delivers world-class local and international content to around 14 million households in Africa. As a listed entity with strong financials, no financial debt and with deep local knowledge, the business is well-positioned to deliver excellent returns to shareholders.

MCG listing on the JSE is expected to commence on Wednesday, 27 February 2019.

As a PN shareholder, no action is required from you in relation to the unbundling and listing of MCG shares on the JSE.

Calvo Mawela, CEO, MultiChoice Group
Nolo Letele, Executive Chair, MultiChoice SA Holdings