MTN executives have been awarded share options worth more than R50m at the prevailing share price.
Group CEO Sifiso Dabengwa has been awarded 94 600 shares, which were worth R16,9m based on Wednesday morning’s near-record share price of R178,88. The shares will vest in three years provided the requirements of MTN’s performance share plan are met.
A year ago, MTN executives were also issued share options, vesting in three years from issue. Then, Dabengwa was awarded 111 600 shares, which are now worth a handsome R20m, from R15,9m at the time of their issue.
Meanwhile, group chief financial officer Nazir Patel has been awarded 48 500 shares, currently worth R8,7m, which will also vest in three years’ time.
MTN South Africa MD Karel Pienaar has been awarded 33 000 shares — valued at R5,9m — while the South African subsidiary’s chief financial officer, Zunaid Bulbulia, has received 15 500 shares worth R2,8m. Both men’s shares vest in three years in line with the performance plan.
Other MTN executives to receive share options include company secretary Bongi Mtshali (6 400 shares: R1,1m); group chief human resources and corporate affairs officer Paul Norman (30 600: R5,4m); company secretarial GM Lucy Mokoka (5 800: R1m); MTN Nigeria director Andrew Bing (14 900: R2,7m); group chief technology and information officer Jyoti Desai (41 400: R7,4m); and MTN Nigeria CEO Brett Goschen (26 500: R4,7m).
MTN’s share price has performed strongly in recent months, having added more than 25% since mid-2012. — (c) 2012 NewsCentral Media