MultiChoice Africa Group, which will list on the JSE next month, expects to pay executive chairman Imtiaz Patel R22.2-million for the year ended 31 March 2019, up from R19.7-million in the 2018 financial year.
Patel is by far MultiChoice’s highest-paid executive, according to the group’s pre-listing statement, which was published after markets closed in Johannesburg on Monday. Naspers, which is unbundling its controlling stake in MultiChoice to shareholders, expects the pay-television operator to list on the JSE on 27 February.
The regulatory filing shows that Patel will earn a basic salary of R7.6-million in the 2019 financial year, down from R8-million in 2018. However, he will take home a bonus of R7.6-million, up from R6.4-million previously.
MultiChoice CEO Calvo Mawela will likely take home R7.7-million, which will include a R3.2-million bonus and base pay of R3.8-million. His total package in the previous year was R9.8-million.
Long-serving MultiChoice executive Nolo Letele will take home R8.5-million, of which R4.6-million is basic salary and R3.4-million a bonus. That’s down from R9.3-million previously. Tim Jacobs, the chief financial officer, is set to get total remuneration of R7.9-million, of which R5.4-million is in the form of a bonus and other benefits. — © 2019 NewsCentral Media