MTN Group executive chairman, Phuthuma Nhleko, has sold shares worth about R123 million.
This was revealed by Africa's biggest mobile operator yesterday.
According to MTN, Nhleko sold a total of 1 079 506 shares at a sale price per share of R113.86.
MTN's new CEO and group president, Rob Shuter, will officially start work at the telecoms operator on 13 March 2017.
With Shuter at the helm, Nhleko will revert to his role as non-executive chairman, but until then will continue as executive chairman "to provide oversight". He says he will delegate more operational responsibilities to Gunter Engling, acting CFO, and Stephen Van Coller, VP for M&A and strategy.
Shuter was appointed as the next MTN CEO in June but at the time the company said he would take up the role "as soon as it is practically possible in 2017 but not later than 1 July 2017". This after he completes his contractual obligations at Vodafone, where he is currently CEO of the European cluster.
Nhleko has been steering the MTN ship since Sifiso Dabengwa resigned as CEO in early November 2015, just a few weeks after the company announced it was facing a $5.2 billion (R71 billion at the time) fine from the Nigerian Communications Commission for failing to disconnect 5.1 million unregistered SIM cards in the country.
On 10 June 2016, after months of negotiations, MTN agreed to pay $1.671 billion (R25 billion at the time) to the federal government of Nigeria, in six installments over three years, to settle the fine.
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