The listing of Yebo Yethu shares was said to mark the next step in the evolution in Vodacom’s transformation journey. Established in 2008, Yebo Yethu was created with the intention of providing true grassroots empowerment, through BBBEE. Vodacom issued 14.4 million Yebo Yethu ordinary shares at R25 each and as a result of the offer, approximately 102 000 qualifying Black investors bought a stake in Vodacom SA. At the time of implementation of the Vodacom SA Black Economic Empowerment (‘BEE’) transaction, valued at R7.5 billion, it was one of the largest empowerment schemes in the telecommunications industry in history, resulting in Yebo Yethu owning up to 3.44% of Vodacom SA. During the first five years of the scheme, Yebo Yethu shareholders were not allowed to trade their shares, except in limited circumstances. During February 2014, following the conclusion of the first five years, limited trading in the Yebo Yethu shares commenced on an Over-The-Counter (‘OTC’) trading platform. The decision to list Yebo Yethu followed a directive by the Financial Services Board on 11 July 2014, which called on companies that trade their BEE shares on OTC trading platforms to list their shares on a licensed stock exchange. The Board then decided that the best option was for Yebo Yethu to list on the JSE, based on the certainty this provided for shareholders to trade in their shares as well as the fact that the JSE is one of the best regulated exchanges in the world.