(Updated)

Axiata offers 885,600 shares in first stock-vesting scheme to group CEO

Axiata offers 885,600 shares in first stock-vesting scheme to group CEO
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KUALA LUMPUR (Sept 27): Axiata Group Bhd has offered 885,600 shares in the mobile telecommunication network provider to its president and group chief executive officer (CEO) Datuk Mohd Izzaddin Idris under the company’s first share-vesting scheme since he was redesignated group CEO on Jan 1, 2021 from his previous position as deputy CEO.

In filings with Bursa Malaysia on Friday (Sept 24), Axiata said the offer to Mohd Izzaddin on that day under Axiata’s restricted share plan comprises an initial base grant tranche of 442,800 Axiata shares that may vest upon Mohd Izzaddin meeting individual performance targets and helping Axiata meet certain financial targets.

“[The base grant is] nil, if targets are not met and up to an additional total of 442,800 shares if the super stretched individual performance and Axiata group performance are met at the point of vesting,” Axiata said.

The shares offered to Mohd Izzaddin at RM4.09 under the restricted share offer are expected to vest over a thee-year period from the acceptance date of the scheme, according to Axiata.

According to Axiata’s Bursa filings on Dec 31, 2020, Mohd Izzaddin was redesignated group CEO on Jan 1, 2021 following Tan Sri Jamaludin Ibrahim's retirement as Axiata group CEO on Dec 31, 2020.

"Izzaddin was appointed as executive director/deputy group CEO of Axiata on Jan 24, 2020. He joined the board of Axiata in November 2016 as a non-independent non-executive director and was redesignated as independent non-executive director in March 2019,” Axiata said.

At Bursa’s 12:30pm break on Monday, Axiata’s share price settled down 10 sen or 2.44% at RM3.99 to value the company at about RM36.59 billion.

Axiata has 9.17 billion issued shares.

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Chong Jin Hun