MTN Dishes Out R135 Million in Shares to Executives

MTN Group CFO Ralph Mupita

MTN has dished out more than R135 million in ordinary shares to executive directors due to Africa’s largest mobile phone operator’s Performance Share Plan.

“In accordance with paragraph 3.63 of the JSE Limited Listings Requirements, shareholders are advised that the following directors of MTN as well as of major subsidiaries of MTN were awarded and accepted shares, which are subject to performance conditions, in accordance with the MTN Performance Share Plan,” the company informed investors on Tuesday.

MTN CEO Ralph Mupita received 530 800 shares at a value of R33.5 million with a vesting period of three years from 21 December 2020.

The company’s incoming group chief financial officer (GCFO) Tsholofelo Molefe was not allocated shares.

Earlier this month, Molefe resigned with immediate effect at Telkom. Molefe joined Telkom on 1 July 2016 as Deputy CFO and was appointed as Group CFO two years later.

Sugentharan Perumal has been acting in the position of MTN’s GCFO since 1 September 2020 was handed 79 400 shares valued at R5 million.

Perumal took on that role following the appointment of Mupita as MTN’s new president and CEO, replacing Rob Shuter.

While Jens Schulte-Bockum, MTN’s chief operating officer, was allocated 315 800 shared valued at R19.9 million.

The company’s Chief Human Resource Officer Paul Norman received 139 100 shares valued at R8.77 million.

Karl Toriola, the incoming CEO of MTN Nigeria, received 186 200 shares valued at R11.7 million.

MTN Nigeria’s outgoing CEO Ferdi Moolman was allocated 180 700 shares valued at R11.4 million.

Moolman will return to South Africa, assuming the new role of Group Chief Risk Officer.

Modupe Kadri, MTN Nigeria’s chief financial officer, received 81 800 shares worth R5.2 million.

Ebenezer Asante, VP of MTN West and Central Africa (WECA) region, allocated 221 600 shares valued at R13.9 million.

Ismail  Jaroudi, VP of MTN Middle East and North Africa (MENA) region, received 209 300 shares valued at R13 million.

MTN South Africa’s CEO Godfrey Motsa received 167 800 shares valued at R10.5 million.

MTN South Africa’s chief financial officer Dineo Molefe received 71 300 shares valued at R4.49 million.

Thobeka Sishuba Bonoyi, MTN’s company secretary, was handed 52 100 shares valued at R3.28 million.


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