MTN Group chief operating officer Sifiso Dabengwa pocketed an astonishing R38m last week after selling 295 000 shares in the cellular group. He is one of a number of MTN executives who have sold shares in recent days.
Despite the enormous value of the sale, analysts say Dabengwa’s trade represents only a fraction of his holdings in MTN.
Analysts polled by TechCentral say it’s unlikely that anything should be read into Dabengwa’s share sale, even though it came shortly after the collapse of talks between MTN and India’s largest mobile operator, Bharti Airtel.
Dabengwa’s move follows a decision by group executive Jamal Ramadan to sell R2m worth of shares. Company secretary Bongi Mtshali also sold R322 000 of shares.
MTN executives have been precluded from trading in the group’s shares since at least May, when it issued its first cautionary notice that it was in talk with Bharti. — Duncan McLeod, TechCentral