CAPE TOWN - Electronics and ICT group Altron has published its annual report.
The report revealed how its top executives were remunerated in the past financial year.
CEO, Mteto Nyati, took home a total pay package of R19.7 million, which included a basic guaranteed salary of R4.9 million and a sign-on bonus of R6.5 million.
Two other executives to get sign-on bonuses included group executive of shared services, Collin Govender, and group executive for marketing, PR and communications, Zipporah Muabane, who were paid bonuses of R1 million and R335,000, respectively.
In total, Altron paid its 10 executive directors and prescribed officers R61.7 million, averaging R6.2 million per executive.
Former CEO, Robbie Venter received R8.4 million in total which included his last paycheque as executive director, and a further R2.6 million for his new role as a non-executive director. The non-executive director received R10.9 million, which concluded in a total pay for top management to R72.6 million for the year.
For the full year to February 2018, Altron's financial performance improved.
1. Revenue from continuing operations increased by 14% to R14.7 billion;
2. EBITDA from continuing operations increased by 19% to R1.1 billion;
3. HEPS from continuing operations increased by 19% to 135 cents.
Recently, Allied Electronics Corporation Limited said on Monday it had concluded a share sale agreement, through its wholly-owned subsidiary Altron TMT, to acquire the entire issued share capital of iS Partners in a deal worth R225 million.
It said the acquisition, with an anticipated effective date of July 1, was subject to Competition Commission approval.
"This acquisition will enable us to create a Microsoft-focused business within Altron with a special focus on cloud computing and data analytics," Altron group chief executive Mteto Nyati said.
- BUSINESS REPORT ONLINE