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Share windfall for MTN’s top brass

Samuel Mungadze
By Samuel Mungadze
Johannesburg, 29 Dec 2023
MTN Group president and CEO Ralph Mupita.
MTN Group president and CEO Ralph Mupita.

MTN Group, Africa's largest telecom operator, has granted shares to its company secretaries and prescribed officials, as well as those from its major subsidiaries.

The company says on the Johannesburg Stock Exchange that a group of senior MTN employees have accepted the shares, which have a three-year vesting period, and are subject to performance conditions under the MTN performance share plan.

The share awards to MTN employees come as the MTN Group continues to outperform the market.

In the quarter ended September, the group's service revenue increased by 9% year-on-year to R156 billion, with data revenue increasing by 15.3% and fintech revenue increasing by 20%.

The telecoms provider based in South Africa also reported that group EBITDA increased 2.8% year-on-year, with an EBITDA margin of 42.8% (3Q22: 45.3%). Capex at MTN Group was R43.921 billion in the three-month period under review, up from R38 billion in Q3 2022.

Today, the company said MTN Group president and CEO, starting yesterday, was granted 321 077 shares for R36.9 million.

Tsholofelo Molefe, CFO of MTN Group, received 171 738 shares for R19.7 million.

Jens Schulte-Bockum, MTN Group's chief operational officer, received 212 614 shares worth R24.4 million.

Paul Norman, the head of human resources, received 86 431 shares worth R9. 9 million.

Other recipients include MTN Nigeria CEO Karl Toriola, who earned 108 375 shares for R12.4 million.

MTN SA CEO Charles Molapisi received 144 529 shares for R16.6 million, while MTN Irancell CFO Ferdi Moolman received 98 635 shares worth R11.3 million.

MTN SA CFO Dineo Molefe received 51 174 shares worth R5.8 million.

Mazen Mroue, MTN Group's chief technology and information officer, was also offered 125 249 shares with a total value of R14.4 million.

Thobeka Sange Sishuba Bonoyi, group company secretary, was awarded 32 412 shares worth R3.7 million.

Mateboho Rantofi, Bonoyi's equivalent at MTN SA, received 15 693 shares worth R1.8 million.

MTN Group's senior vice president of markets, Ebenezer Asante, was given 206 556 shares for R23.7 million.

MTN Group today also announced a further allotment of 41 300 shares for Asante, valued at R5.4 million.

"An additional allocation was made to correct an omission in the 2022 performance share plan allocation. Price per share as of 9 December, 2022," the company says.