KUALA LUMPUR (Mar 13): Maxis Bhd has proposed a long term incentive plan (LTIP) for the employees of the company and its subsidiaries to replace existing employee share option scheme.

In a filing with Bursa Malaysia today, Maxis (fundamental: 1.15; valuation: 0.9) said it intends to cease awarding options under the existing scheme from 2016.

The proposed LTIP is intended to serve as a long term incentive plan that aligns the eligible employees’ interests with the long term objectives and business strategy of the group.

It will form part of the total remuneration structure to complement the existing remuneration structure of the group which includes a basic salary, a variable cash bonus and the existing scheme.

"It is intended that both the existing scheme and the proposed LTIP will be implemented concurrently," it added.

In addition, the proposed LTIP is intended to reward, retain and motivate the eligible employees whose contributions are vital to the businesses, continued growth and profitability of the group.

Meanwhile, Maxis said the existing employee share option scheme, which was established on Sept 17, 2009, grant options to the eligible employees of Maxis to subscribe new Maxis shares. The existing scheme is valid for a period of 10 years and shall expire on Sept 16, 2019.

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