Naspers has done a R2.25bn BEE deal - and once again it is an interesting example of how these deals can be structured.
Under the deal, Phuthuma Nathi will offer 45 million shares to black South African citizens at R10 per share, allowing for exposure to the underlying MCSA shares which are worth R50 per share.

Phuthuma Nathi will finance the remaining R40 per share by issuing 180 million of its preference shares at a price of R10 to MIH Holdings, the parent of MCSA. Those shares will be redeemable over 10 years.
full story from Fin24 here
The leveraging power of the "flow-through" principle.