The massive million rand salaries have been revealed of the top executives at The MultiChoice Group as the pay-TV arm of Naspers plans to spin-off and list and trade on the Johannesburg Stock Exchange (JSE) from 27 February 2019.
Meanwhile, according to Reuters, MultiChoice that will run DStv, GOtv and Showmax in sub-Saharan Africa plans to pay a whopping R2.5 billion ($181 million) inaugural dividend in 2020 after it has been unbundled from Naspers.
As the highest-paid top executive, The MultiChoice Group will pay Imtiaz Patel, executive chairperson, R22.2 million for the financial year ending 31 March 2019 according to the regulatory filing - up from R19.7 million for the financial year ending March 2018.
Imtiaz Patel will receive a basic salary of R7.6 million for the 2019 financial year, slightly down from the R8 million he was paid in 2018, but will get a bonus of another R7.6 million in 2019 - up from R6.4 million in the previous year.
Calvo Mawela, MultiChoice CEO will pocket R7.7 million in 2019 that includes a R3.2 million bonus and basic salary of R3.8-million. He received R9.8 million in 2018.
The MultiChoice executive Nolo Letele will get R8.5 million, consisting of a R4.6 million basic salary and a bonus of R3.4 million - down from R9.3 million in the 2018 financial year.
Tim Jacobs, MultiChoice chief financial officer (CFO), will be paid a total package of R7.9 million with R5.4 million of that consisting out of a bonus and other benefits.
