MTN Group has announced a R250-million “relief package” in response to the Covid-19 pandemic across the 21 markets in which it operates.
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MTN Group will push on with a plan to reduce its majority stake in its Nigerian business, though turmoil caused by the coronavirus may require the sale to be done in smaller chunks than anticipated.
MTN Group CEO Rob Shuter was paid R58.2-million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018, but even these generous rewards were not enough to keep him.
MTN Group said its Iranian business is still able to achieve strong sales growth in the short term, even as the unit battles to overcome ongoing US sanctions and the rapid spread of the coronavirus.
Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Group is in advanced talks to sell stakes in tower assets in Ghana and Uganda worth as much as R8-billion as Africa’s largest wireless carrier looks to accelerate a broader disposal plan.
Cell C said late on Thursday that it is up to date with all payments to MTN South Africa for its national roaming agreement.
MTN Group had 236.6 million subscribers on its books at the end of its financial first quarter, to 31 March 2019, up from 232.6 million at the end of December.
MTN Group CEO Rob Shuter was paid R42.9-million in the financial year ended 31 December 2018, up from R40.6-million in 2017, while other top executives were also handsomely rewarded.
Eight MTN Group executives netted over 1.3 million shares in the telecommunications giant, valued at R116.9-million at the market price when they were issued at the end of December.