Telecom company gifts CEO R18 million in shares

Tech giant, Vodacom, has given out 15 million Rand worth of shares to its CEO as part of its forfeitable share plan, reports out of South Africa say.

In a note to shareholders on Thursday, the company announced that it had awarded 108,099 Vodacom shares at a price of R166,511 each to its CEO Shameel Joosub.

The share award scheme is tied to performance conditions while the vesting period is three years from the award date, the note to its shareholders said.

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The share award comes just after Vodacom doubled  Joosub's pay to R22 million earlier this year.

The increase in Joosub's pay was a result of a solid financial performance from Vodacom as the company reported that its revenue across all its African and South African operations increased from R74.5 billion to R80 billion for this financial year.

Vodacom also reported that its headline earnings per share jumped by 2.7% to R8.83 per share.

Apart from Joosub, other Vodacom executives have also received shares worth millions of Rand's worth of shares from the company.