Vodacom CEO Shameel Joosub has bought 26 864 shares in the cellular company, just days after it said he was in line to get millions of rands-worth of stock, based on performance criteria.
Vodacom, which has 33 million subscribers locally, told shareholders today that Joosub had spent R3.47 million to buy the shares, at a price of R129.35.
Vodacom's share is currently trading at R131.30, having gained a percent during the course of this morning's trade.
Earlier this week, the listed company said Joosub would be awarded 95 482 shares, worth R131 each, in three years, depending on company performance. As a result, Joosub could earn an additional R12.5 million in three years' time.
This is on top of his guaranteed package of almost R7 million in the year to March 2014, as well as his incentive bonus of just more than R6 million.
However, to qualify for the shares, Joosub has to meet unspecified targets in terms of performance.
Among the other executives that were awarded shares are CFO Ivan Dittrich, who was awarded 14 807 shares; company secretary Sandi Linford, who was awarded 4 580; and CTO Andries Delport, who was granted R1.6 million-worth of shares.
Yesterday, Vodacom said Linford had sold 7 119 forfeitable performance shares to earn R922 751 in profit.
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