Through ASONGE, which comes from the IsiZulu word meaning “let us save”, Black investors were enabled to own a part of South Africa’s economy. From 23 July to 16 August 2007, investors could buy MTN shares from any outlet of the South African Post Office at a 20% discount to the share price of MTN shares on the Johannesburg Stock Exchange. Over and above this, investors automatically became eligible to earn a bonus share at the end of the two years for every ten shares still held.
ASONGE was launched in the presence of the Deputy President, the Hon. Ms Phumzile Mlambo-Ngcuka, at an event witnessed by diplomats, stokvels and community investment groups, the Minister of Trade and Industry, the Hon. Mr Mandisi Mpahlwa, as well as the Premier of the Western Cape, the Hon. Mr Ebrahim Rasool, MECs, leaders of the public service, captains of industry, including MTN Group President and CEO, Mr Phuthuma Nhleko, representatives of civil society, among many others.