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MTN awards its CEO R18.6m in shares

Johannesburg - Mobile network MTN has awarded its Group President and CEO Sifiso Dabengwa with 83 100 shares in the company worth R18.6m.

In a market update released on Monday, the Johannesburg Stock Exchange (JSE) listed MTN announced that it is awarding ten of its directors and a company secretary with shares worth a total of R86.4 million.

The shares, which are valued at a market price of R224 each, have been awarded as part of MTN’s Performance Share Plan and subject to certain conditions. MTN said in its announcement that the shares can be vested three years from the award date of December 19 by the directors.

However, MTN - which has 22 operations across Africa and the Middle East with over 210 million subscribers - has been under pressure from a falling oil price hitting its Nigerian market and weaker voice revenues in South Africa.

A Fin24 market report dated November 26 said that MTN’s share price at the time dropped 1.4% to R221 after the devaluation of the Nigerian currency.

The Nigerian central bank devalued its currency by 8% in light of falling oil prices. Nigeria contributed more than a third of MTN's R72.8bn ($6.6bn) revenue in the first half of this year.

In South Africa, MTN reported that its outgoing voice revenue fell 8.6% for the six months ending June 2013 to R8.4 billion.

Share award details

Below are the details of the share award details at MTN.

1. Name of director: RS Dabengwa
    Number of shares awarded: 83 100
    Total value of shares: R18 614 400

2. Name of director: BD Goschen
    Number of shares awarded: 54 700
    Total value of shares: R12 252 800

3. Name of company secretary: SB Mtshali
    Number of shares awarded: 5800
    Total value of shares: R 1 299 200

4. Name of director: PD Norman
    Number of shares awarded: 27 000
    Total value of shares: R6 048 000

5. Name of director: KW Pienaar
    Number of shares awarded: 29 100
    Total value of shares: R6 518 400

6. Name of director: M Fleischer
    Number of shares awarded: 30 400
    Total value of shares: R6 809 600

7. Name of director: A Farroukh
    Number of options awarded: 43 900 shares
    Total value of shares: R 9 833 600

8. Name of director: PG Sibiya
    Number of shares awarded: 15 700
    Total value of shares: R3 516 800

9. Name of director: M Ikpoki
    Number of shares awarded: 37 400 shares
    Total value of shares: R8 377 600

10. Name of director: F Moolman
      Number of shares awarded: 15 700
      Total value of shares: R3 516 800

11. Name of director: JA Desai
      Number of shares awarded: 44 500
      Total value of shares: R9 680 000

* Follow @GarethvanZyl on Twitter. For more tech news, follow Fin24tech @Fin24_Tech.

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