MTN chairman Phuthuma Nhleko sells R123 million in shares

MTN chairman Phuthuma Nhleko (pictured) has sold off some R123 million in shares, ahead of the arrival of the company's new CEO, Rob Shuter, says Bloomberg. This amounts to almost half of Nhleko's stock in the telecoms company.

According to a statement by MTN, Nhleko will also benefit from the termination of share options valued at R130 million. Once Shuter joins MTN on 17 March 2017, from Vodafone Group, Nhleko will return to his previous role as non-executive chairman.

According to MTN's annual report, Nhleko hed just over two million shares at end 2015. He sold some 1.08 million of these for R113.86 apiece.