Three MultiChoice directors, Calvo Mawela, Tim Jacobs, and Imtiaz Patel, were paid R127 million despite the company reporting its worst financial results on record.
Three MultiChoice directors, Calvo Mawela , Tim Jacobs , and Imtiaz Patel , were paid R127 million despite the company reporting its worst financial results since it was founded.
The company’s chief financial officer, Tim Jacobs, received a pay package of R28.9 million last year. MultiChoice explained that Patel did not receive director or meeting fees. Instead, he received an annual fee of $1 million relating to the service and restraint agreement.“Patel played a leading role in the successful completion of the Showmax deal with Comcast during the 2024 financial year,” the company said.
This means Mawela, Jacobs, and Patel received R127 million during the last financial year when the company achieved its worst performance on record.The news of MultiChoice’s leaders receiving big pay packages came amidst its worst financial performance since it was listed on the JSE. It suffered a 9% decline in active subscribers, including a 13% decline in the Rest of Africa business and a 5% decline in South Africa., with negative equity of R1.07 billion.
The only reason the share price did not plummet is that Canal+ offered to buy all of the outstanding MultiChoice shares at R125 each. The deal will close on 25 April 2025. Shane Watkins from All Weather Capital expects the share price to drop below R60 if the deal does not happen. “If the deal does not go through, MultiChoice will plummet and be trading at below R60 per share,” Watkins said.
Very little information is available about MultiChoice and its executives’ presence in Dubai. However, insider information sheds some light on the matter. One executive was rumoured to live in the luxury Grosvenor House 5-star hotel, and another in the prestigious Emirates Hills, where the Gupta family has a residence.
“Dubai’s status as an international hub affords us optimal access to global markets and partners, facilitating ease of travel to our operations across Africa.”
Headline Imtiaz Patel Multichoice Tim Jacobs Broadcasting
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MultiChoice will ride out Nigeria chaosMultiChoice Group remains committed to the turbulent Nigerian market, CEO Calvo Mawela said.
Read more »
THREE Orlando Pirates faves axed, THREE more to follow?Orlando Pirates have no space for sentiment in their ongoing winter window clearout. Could three more faves be axed soon?
Read more »
Keep your mitts off our spectrum: MultiChoiceMultiChoice has argued that spectrum allocations should allow for higher-bandwidth digital terrestrial TV broadcasts.
Read more »
Nigeria: Satellite Giant Multichoice Has Not Cut Its Cable TV Subscription Prices in Nigeria As Claimed OnlineSatellite giant MultiChoice has not cut its cable TV subscription prices in Nigeria as claimed online
Read more »
MultiChoice says it is not worried about being technically insolventMultiChoice Group CEO Calvo Mawela says only non-financial people would be concerned by the company going into negative equity.
Read more »
Tributes continue to pour in for former MultiChoice executive Nkateko MabasoTributes are continuing to pour in for former executive at MultiChoice Group and M-Net CEO, Nkateko Mabaso who passed away earlier this week
Read more »