See More

Bekker has R6bn Naspers shares - report

Aug 13 2012 09:55

Related Articles

Naspers to ramp up e-commerce interests

Naspers profit rises on internet boom

Death of an online whizzkid

MWEB Business extends its cloud offering

Naspers sets sights on growth

Anyone up for being the goalie?

Cape Town - The sharp surge in the Naspers N share price [JSE:NPN] since 2008 means that CEO Koos Bekker is in line to secure a remuneration package valued at about R680m for each of the five years from 2008 to end financial 2013, making him one of the top paid executives in the country, Business Report reported on Monday.

Bekker is holding R6bn worth of Naspers N shares, according to the group’s recently released annual report. Some 7.8 million Naspers N shares are held directly by Bekker and 4.7 million are held indirectly, the report said.

The directly held shares were awarded to Bekker in terms of his five-year contract with the company. In terms of the contract Bekker does not receive any salary, bonus, car scheme, medical or pension contributions from the company.

In lieu of remuneration, he was awarded 11.7 million shares, which vest in three annual tranches of 3.9 million shares in years three, four and five.

According to the report, the 11.7 million shares were allocated at the price ruling at the beginning of his five-year contract in 2008, which is approximately R150. Each time the 3.9 million tranche of shares is received by Bekker, he is required to pay an amount to cover inflation since 2008.

In early trade on Monday Naspers' shares were down 1.91% at R460.85.

Bekker was first appointed as chief executive in 1997 and is on his third five-year contract.

Under his reign Naspers has expanded its scope of business broadly to include media, Pay-TV and internet assets (Tencent in China and Russia's Mail.ru).

The company's latest results show that internet revenue grew substantially by 59% to R19.2bn, while trading profit increased by 9% to R3.8bn.

Pay-TV revenue rose 15% with an increase in the subscriber base of 648 000. The subscriber base is now 5.6m.

Print media revenue grew by 15% to R12.1bn, largely due to more printing contracts for the commercial print business Paarl Media. Naspers also saw a 10% increase in revenue from the Brazilian-based Abril.

- Fin24

*Fin24 is a Naspers publication.

* Follow Fin24 on Facebook, Twitter and Google+.

mail.ru  |  naspers  |  tencent  |  koos bekker  |  shares



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The total fuel levy of 80.5c a litre announced in the budget:

Previous results · Suggest a vote