The Phuthuma Nathi scheme was created in 2006 to offer black South Africans the chance to own an indirect stake in MultiChoice South Africa, the leading video entertainment company in the country. The initial public offer in 2006 and the second public offer in 2007 were both oversubscribed.

Phutuma Nathi

Phuthuma Nathi owns 25% of MultiChoice South Africa. It is one of South Africa’s most successful broad-based black economic empowerment (BBBEE) share schemes, with 76 961 black shareholders from all walks of life. Phuthuma Nathi’s shareholders include professionals, helpers, gardeners, teachers, nurses, stokvels and black-owned small businesses.

The most important impact the share scheme has had is the positive changes in the lives of its shareholders as they have used the capital appreciation and dividends from the scheme to create a nest egg for retirement, to pay for or renovate their homes, to pay for their children’s tertiary education, or simply to enjoy a well-earned holiday. As of September 2023, the Phuthuma Nathi scheme and its shareholders had received R17.8bn in dividends from MultiChoice South Africa


We consider socio-economic transformation and economic inclusivity to be a fundamental priority for the long-term development of the countries in which we operate.

Phuthuma Nathi empowerment scheme

In South Africa, where our contribution to transformation is an integral part of our value system, we are committed to BBBEE and to the expansion of opportunities for historically disadvantaged groups. We empower local communities through various initiatives and through the Phuthuma Nathi empowerment scheme in particular. MultiChoice South Africa consistently implements sustainable and meaningful empowerment policies across its operations, including equity ownership, management control, skills development, supplier and enterprise development and socio-economic development, which has been recognised through its level 1 BBBEE status.

MultiChoice South Africa’s approach also ensures compliance with the relevant empowerment requirements in South Africa, including:

  • The BBBEE Act, which provides the legislative framework to advance socio-economic transformation and is applicable to all companies;
  • The Information and Communication Technology (ICT) Sector Codes of Good Practice; and
  • The broadcast licences issued by the Independent Communications Authority of South Africa (ICASA) to MultiChoice South Africa, which requires MultiChoice South Africa to maintain ownership by historically disadvantaged groups of at least 30%.

History of Phuthuma Nathi

  • 2006
    Phuthuma Nathi launched
  • 2011Trading started
  • 2014Debt paid off
  • 2015 Full dividend paid
  • 2019 Various corporate actions
  • 2023 Latest dividend paid

2006 - 2007

2006 - 2007

Phuthuma Nathi launched

Phuthuma Nathi 1 was launched in 2006, and Phuthuma Nathi 2 (a smaller replica) was launched in 2007. As one of the largest BBBEE transactions in South Africa, the schemes acquired a combined 20% stake in MultiChoice SA.



Trading started

The shares began trading publicly on 8 December 2011.



Debt paid off

MultiChoice SA’s strong financial performance enabled substantial dividend payments to Phuthuma Nathi, thereby enabling Phuthuma Nathi to repay its vendor loan in 2014 – two years ahead of schedule – while maintaining dividend payments to Phuthuma Nathi shareholders.



Full dividend paid

Following the settlement of the outstanding vendor loan, Phuthuma Nathi shareholders received their first full dividend payment amounting to ZAR1.2bn.



Phuthuma Nathi shareholding increased to 25% in MultiChoice SA

To underpin the commitment by MultiChoice SA and Naspers to socio-economic transformation and BBBEE, MultiChoice SA and Naspers allocated an additional 5% stake in MultiChoice SA to Phuthuma Nathi for no consideration.

Phuthuma Nathi 1 and Phuthuma Nathi 2 combined

In FY19, shareholders voted to combine the two schemes into one scheme. The transaction resulted in a one-to-one swap of Phuthuma Nathi 2 for Phuthuma Nathi shares. As a result, Phuthuma Nathi 2 is owned by Phuthuma Nathi, and all scheme shareholders hold shares in Phuthuma Nathi.

Share swap completed

Phuthuma Nathi shareholders were offered the option to exchange some of their shares in Phuthuma Nathi for shares in the MultiChoice Group. Following extensive engagements, shareholders representing a combined 5.7% shareholding in Phuthuma Nathi accepted this offer.



Latest dividend paid

Phuthuma Nathi shareholders continued to benefit from dividend payments, receiving ZAR1.4bn in September 2023 following approval at the 2023 AGM. This took the total amount in dividends paid out to Phuthuma Nathi shareholders since inception to ZAR17.8bn.