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PN companies

have

received some

R9,1bn

in dividends since inception

60,46%

of the economic interest

in MultiChoice is held by

black South Africans

Phuthuma Nathi Investments (RF) (PN)

For shareholders who invested in 2006/2007 during the public offer. Their investment has grown

more than 15 times since inception taking into account dividend payments.

Corporate governance review

Phuthuma Nathi Investments (RF) Limited

Integrated annual report 2018

99