MultiChoice has revealed what its top executives will be paid in their financial year ending 31 March 2019.
The remuneration details were shared in the company’s pre-listing statement.
MultiChoice Group Limited – which includes MultiChoice South Africa, MultiChoice Africa, and Showmax – is expected to begin trading on the JSE on 27 February, and was required to share the pre-listing document as a result.
This follows Naspers announcing in 2018 that it would list its video services as a separate business on the JSE.
“Listing MultiChoice Group via an unbundling aims to unlock value for Naspers shareholders and at the same time create an empowered, top 40 JSE-listed African entertainment company,” said Naspers CEO Bob van Dijk.
“With strong financials, the flexibility of an ungeared balance sheet and deep local knowledge, we hope to deliver excellent returns to shareholders over time,” said Group CEO Calvo Mawela.
As part of the listing document, a breakdown of the “fees and remuneration” expected to be paid to directors during the financial year ending 31 March 2019 is detailed.
The document reveals that Mohammed Imtiaz Patel, the company’s chairman, will receive a total package of R22.1 million for the year – of which R7.6 million was his basic salary.
Non-executive director Francis Letele will receive R8.4 million, while Calvo Mawela – the group CEO – will receive a total package of R7.7 million.
The table below details the top executive salaries which will be paid by the group.
|Salaries – 31 March 2019|
|Name||Basic Salary||Total Package|
|Mohammed Imtiaz Patel (Chairman)||R7.6 million||R22.1 million|
|Francis Lehlohonolo Napo Letele (Executive)||R4.5 million||R8.4 million|
|Calvo Phedi Mawela (CEO)||R3.8 million||R7.7 million|
|Timothy Neil Jacobs (CFO)||R1.9 million||R7.9 million|