MTN chairman offloads shares worth R123 million
2 December 2016
MTN Group executive chairman Phuthuma Nhleko sold shares worth just less than R123 million on Wednesday, the group announced in a statement.
The beleaguered mobile operator appointed Rob Shuter as the new Group President and CEO of the company, following the successful resolution of its Nigerian dispute, in June.
Shuter would replace Nhleko, who stepped in as acting CEO of the company to proactively deal with the Nigerian regulators following the resignation of Sifiso Dabengwa as group CEO in November 2015.
Shuter is expected to take over from Nhleko in March next year, and joins from Vodafone Group.
Nhleko sold 1,079,506 shares at a price of R113.86, amounting to R122,912,553.16 MTN has struggled in the wake of its massive fine in Nigeria, with its share price down 15% for the year. The company reported a big drop in earnings for the six months ended June 2016, which it said was primarily down to its operations in Nigeria.
The company has also shed customers in its South African operation, as it ‘continued to operate in a challenging environment’.