Shameel Joosub, CEO of SA's largest cellular network - Vodacom - has sold shares in the company worth just more than R6 million.
The 45 946 ordinary shares were sold for R130.87 each on the last day of December, a price slightly lower than Friday's R132 close. The stock is currently trading off its 52-week high, which it reached on 30 December, when it hit R134.
Currently, Vodacom's market capitalisation is R196.4 billion.
Joosub's sale follows one on 1 August, when he sold 30 625 shares, to reap R3.65 million. This came on the same day he exercised options over 86 823 shares. No rationale for the latest sale was provided in the statement to shareholders.
Stock is awarded to Joosub based on the company's performance, while additional share incentives in the company need to be matched by an investment from the CEO. At the end of the 2013 financial year, Joosub held incentives worth R40 million.
Vodacom's latest annual report states: "The board wishes to encourage individual shareholding in the company by executives, as a tangible demonstration of their commitment to the company and alignment with shareholder interests."
Executives must hold a minimum personal shareholding, and Joosub is required to make "substantial investments in company shares to qualify for his additional co-investment share awards", it adds.
Vodacom's current CEO took over from former head Pieter Uys in September 2012. Joosub joined the company as an accounting clerk in 1994 and was promoted to head up the commercial arm of Vodacom SA in 2000, after holding several positions within the telco.
From 2000 to 2005, Joosub was responsible for increasing Vodacom's South African subscriber base from 2.5 million to almost nine million. After being promoted to MD of Vodacom SA in 2005, Joosub oversaw the growth of the business to 24 million subscribers. He took over the reins at Vodafone Spain at the beginning of April 2011, before returning to the local company.
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