By the time its YeboYethu black economic empowerment (BEE) scheme is unwound there will be R3 billion in dividends for participants to share, Vodacom said on Monday morning.
At a dividend of R67.28 per share, that represents a return of 2.7 times on their original investment, Vodacom said.
And that is on top of the shares, now in the Vodacom international group rather than Vodacom SA, that empowerment shareholders will continue to hang on to.
YeboYethu is due to unwind in October.
In its place, Vodacom intends to create a new, 10-year empowerment scheme it estimates to be worth R17.5 billion.
Vodacom's employee share ownership scheme (ESOP), also known as Siyanda, was a major component of the old YeboYethu, with Royal Bafokeng Holdings and Thebe Investment Corporation as separate, direct empowerment investors.
The empowerment investment was into Vodacom South Africa, excluding the group's international operations.
That structure will change dramatically in a complex series of transactions.
Vodacom will inject what it estimates to be R4.2 billion in "economic value" into the new scheme. The new YeboYethu is also due to raise R5.8 billion from third-party funders.
The new YeboYethu is due to consolidate Vodacom's empowerment shareholders, with Royal Bafokeng and Thebe sitting alongside the public and Vodacom employees. By way of an investment company, YeboYethu will own 6% of the Vodacom group – rather than shares in just the South African operation.