Vodacom execs sell R9.9m shares to settle tax

Five Vodacom executives and the company secretary have divested a total of 63,216 shares, valued at approximately R9.93 million, to satisfy tax liabilities stemming from the vesting of shares granted under the company's conditional and forfeitable share plan. These transactions, reported in line with JSE Listings Requirements, were executed via on-market sales between August 11th.

Sitho Mdlalose, CEO of Vodacom South Africa, relinquished the highest number of shares, 22,993, at a weighted average price of R157.0456 per share, generating R3.61 million in proceeds. Financial director Refilwe Nkabinde sold 10,208 shares for R1.60 million, while CTO Beverly Ngwenya disposed of 11,076 shares, earning R1.74 million.

Videsha Proothveerajh, head of Vodacom Business, sold 16,562 shares amounting to R2.60 million. Company secretary Neo Imasiku parted with 2,377 shares, yielding R373,297. Each sale was categorized as a direct beneficial interest and on-market transaction. Permission for these deals was obtained beforehand. The shares were sold following the executives and company secretary's shares vesting under Vodacom Group's conditional and forfeitable share plan.

The funds from the sales were utilized to settle the tax arising from the share vesting. All transactions were carried out at an average price of R157.0456 per share.