Johannesburg - Shameel Joosub, the chief executive officer of South Africa’s biggest mobile network Vodacom [JSE:VOD], has bought R3.9m worth of shares in the company.
This is according to a market update from the mobile network company, which is listed on the Johannesburg Stock Exchange (JSE).
The market update on Friday said that Joosub has bought 26 608 shares at R139.18 per share.
The purchase was made on August 20 while the nature of the transaction has been described as “direct beneficial interest”.
In the last three months, Vodacom’s share price has remained stable from a close of R138 on May 20 to R139 on August 20.
According to Vodacom’s integrated report for the year ended March 31 2015, Joosub also earned total remuneration pay of R10.9m for that period.
However, this total remuneration figure was R2m less than his total remuneration of R12.98m for the year ended March 31 2014.
The figures in the report further revealed that Joosub’s guaranteed package for Vodacom’s 2015 financial year increased from R6.8m to R7.2m but that his short-term incentive, or bonus pay, was cut from R6m to R3.7m.
The integrated report also said that for the period ended March 2014, Joosub was given R12.8m worth of shares. But at the end of March 2015, the value of shares that he was given amounted to R9.8m.
Vodacom is South Africa’s biggest mobile network with approximately 30 million subscribers.
The Competition Commission this year gave Vodacom the green light to buy fixed-line provider Neotel. The Competition Tribunal is expected to make a final ruling on the deal later this year.
The purchase of Neotel would boost Vodacom’s mobile spectrum and fixed line capacity.
However, an alleged corruption scandal involving Neotel and Transet risks derailing the buyout.