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MTN bosses get shares worth over R32m

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 01 Jul 2016
MTN SA CEO, Mteto Nyati, was awarded 37 500 shares with a total value of R5 212 500.
MTN SA CEO, Mteto Nyati, was awarded 37 500 shares with a total value of R5 212 500.

MTN has awarded over R32 million worth of shares to its top executives.

In a SENS statement this morning, the JSE-listed MTN revealed its allocation of group shares in accordance with the company's performance share plan.

MTN SA CEO, Mteto Nyati, was awarded 37 500 shares with the market price per share at R139, meaning the total value of his shares is R5 212 500.

Nyati moved from heading up Microsoft Africa entity to head up home-grown MTN's enterprise strategy in October 2014.

He was then elevated to the position of MTN SA CEO in July 2015, succeeding Ahmad Farroukh who had resigned to join Etihad Etisalat.

In addition, group company secretary SB Mtshali, was awarded 10 100 shares worth R1 403 900. Director PD Norman received 46 100 shares valued at R6 407 900. Another director, SB Ntsele, got 25 500 shares, amounting to R3 544 500.

The telco also awarded 90 400 shares to JA Desai, a director. The shares are worth R12 565 600. The other directors - K Toriola and FJ Moolman - respectively got R7 603 300 and R6 213 300 worth of shares.

The awarding of shares comes with MTN having paid the first of six instalments to settle a $1.671 billion (R25 billion) fine in Nigeria.

Vodacom CEO Shameel Joosub last month received company shares worth almost R18 million as part of long-term incentives given to a number of top executives at the telco.

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