Five Vodacom South Africa executives, including the company secretary sold a combined 63,216 shares worth about R9.93 million ($613,565) to cover tax obligations linked to the vesting of shares awarded under Vodacom Group’s conditional and forfeitable share plan.

The Vodacom executives share sales, conducted on Aug. 11 through on-market transactions, were disclosed under the Johannesburg Stock Exchange’s Listings Requirements.

Mdlalose sells largest stake

Vodacom South Africa CEO Sitho Mdlalose sold the largest number of shares, disposing of 22,993 at a volume-weighted average price of R157.0456 ($9.7) each. The transaction was valued at about R3.61 million ($223,036).

Financial Director Refilwe Nkabinde sold 10,208 shares worth R1.6 million ($98,852), while Chief Technology Officer Beverly Ngwenya sold 11,076 shares for R1.74 million ($107,498).

Vodacom Business Director Videsha Proothveerajh sold 16,562 shares valued at R2.6 million ($160,566). Company Secretary Neo Imasiku sold 2,377 shares worth R373,297 ($23,053).

All five transactions were classified as direct beneficial interests and were executed on the market. Vodacom said the required clearance to deal had been obtained for each transaction.

Sales linked to share vesting

The shares were sold after awards granted to the executives and company secretary under Vodacom Group’s conditional and forfeitable share plan vested. The proceeds were used to meet the tax liabilities triggered by the vesting of those awards.

Each transaction was completed at the same volume-weighted average price of R157.0456 ($9.7) a share.

Mdlalose became managing director and an executive director of Vodacom South Africa in July 2022. He previously served as managing director of Vodacom Tanzania and has held several senior positions within Vodacom and Vodafone Group.

Vodacom expands African digital services

The sales come as Vodacom continues to invest in mobile connectivity, data and financial services across its African markets. The group serves more than 220 million customers across the continent, with digital financial services becoming an increasingly important part of its business.

Vodacom’s South African business remains a core part of the group, providing mobile voice, data and digital services to millions of customers.

The share sales do not represent a change in the executives’ roles at Vodacom South Africa. The company said the transactions were made to meet tax obligations tied to the vested awards.