STADIO makes graduates shareholders through Khulisa scheme

STADIO’s Khulisa Student Share Scheme (Khulisa), first launched in October 2021, has turned more than 5 000 students into shareholders so far. The scheme awards all STADIO Higher Education postgraduate students (from across all its schools) with R1 000 in direct STADIO Holdings shares upon graduation. 

“STADIO is the only higher education institution in Africa, and possibly the world, that is making its student’s shareholders. This was our first step in distributing wealth to our students and we believe a revolutionary step in bringing the, sometimes seemingly unattainable, world of investing closer to our graduates,” says Chris Vorster, CEO of STADIO Holdings.

While the shares carry a two-year holding period (during which they cannot be sold), graduates have full voting rights at the AGM and dividends accrue over this period. After two years, alumni may retain or sell their shares. Vorster says STADIO is building an alumni base that is both informed and engaged in the institution’s performance and purpose.

Student perspective

For Mohau Mannathoko, who graduated with a master’s in scriptwriting at AFDA in April 2025, the experience has been a mindset shift. “As a filmmaker, I’ve always focused on the creative side. Khulisa opened my eyes to the business and personal finance side, from understanding my own balance sheet to how the stock market works. I’m now applying that thinking in my personal life and in my company. It’s a smart way to keep graduates engaged with STADIO long after graduation.”

He adds that receiving shares changed his perspective from seeing his graduation as “just receiving a certificate”. “I’m part-owner,” he says. “That changes how you show up after graduation.”

Mietani Chitambira, a BA Honours graduate in live performance at AFDA and an actor, voice-over artist, writer and presenter, says the scheme gives graduates an understanding of the power of equity. “There is power in ownership,” he says. “Sitting in shareholder updates and seeing how a private higher education business operates is incredibly instructive. The Share Scheme is unorthodox in the best way.”

No-cost financial education

Aside from issuing shares, Khulisa includes no-cost short courses for graduates covering personal finance fundamentals and “shares 101”, as well as periodic shareholder engagement sessions that give context on STADIO’s performance and strategy.

Platform support is provided through Investec and JSE Investor Services. STADIO’s current practice is to declare one dividend in March, paid in late April; the policy is to move toward paying out approximately 85% of free cash flow, with the possibility of interim dividends. Dividends for Khulisa participants accrue during the two-year holding period and are paid out via the Investec/JSE Investor Services accounts thereafter.

Graduates who wish to increase their exposure may buy additional STADIO Holdings shares on the open market in their own broker accounts; top-ups do not occur within the Khulisa scheme itself.

STADIO for life?

At its heart, Khulisa is designed to strengthen lifelong ties between graduates and the institution, translating a qualification into an ongoing stake in the group’s future. “It’s a thoughtful way to recognise the commitment students make to their studies, and to bring the world of investing within reach,” says Mannathoko.

“It’s a way to recognise our commitment, and to keep us connected to STADIO’s future,” says Mohau.