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R56.5m incentive for MTN directors

Jan 02 2013 18:29
MTN

(Duncan Alfreds, News24)

Company Data

MTN GROUP LIMITED [JSE:MTN]

Last traded 244.65
Change -0.35
% Change 0.00
Cumulative volume 761589
Market cap 452.20bn

Last Updated: 22/10/2014 at 11:21. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Ten executive directors and two company secretaries of MTN Group [JSE:MTN]  and its major subsidiaries were awarded shares worth R56.5m, according to a JSE Sens report.

The shares, awarded in terms of the MTN's performance share plan, will vest in three years from the end of December 2012.

MTN group CEO and president Sifiso Dabengwa was awarded the biggest chunk - 94 600 shares worth R16.8m, while MTN SA MD Karel Pienaar received 33 000 shares worth R5.8m.

Group CFO Nazir Patel was awarded 48 500 shares valued at R8.6m and company secretary Bongi Mtshali was awarded 6 400 shares worth R1.1m.

Three executives at its Nigerian operation was awarded shares which also vest in three years.

In its 2010 annual report, MTN explains that the purpose of the share schemes is to retain and recognise the contributions of eligible employees by providing additional incentive.

MTN, which is Africa’s largest telecom group, has been named as one of the best employers in the country, according to the CRF Institute's annual Best Employers Certification Index for 2012/13.

For the full list of share allocations, click here.

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