MTC to host AGM end of February

CHAMWE KAIRA 

Mobile Telecommunications Limited (MTC) Ltd is expected to hold its Annual General Meeting in Windhoek on 28 February, the company said in a stock exchange notice.

The AGM is expected to consider and if thought fit, to pass a number of ordinary resolutions. These include considering and adopting the audited financial statements of the company and the group and the reports of the directors and auditors for the year ended 30 September 2024.

The meeting is also expected to pass the resolution to confirm the final ordinary dividend of 49.27 cents per ordinary share.

Also on the agenda will be the status of a number of non-executive directors who retired from the company by rotation and who, all being eligible, offered themselves for reelection.

These include Theofelus Mberirua joined MTC’s board on 1 April 2019 as an independent non-executive director and was appointed as chairperson on 1 December 2019.

The meeting is expected to pass the resolution to become the non-executive director of the company. 

Rosalia Ruusa Shipiki, together with Taschiona Gawaxab who joined the MTC board on 1 December 2019, are expected to be confirmed by the meeting as non-executive directors.

The AGM is expected to ratify the appointment of a number of non-executive directors, including that of Andreas Kanime, who was appointed to the MTC’s board on 22 July 2024, as well as Trophimus Hiwilepo and Fabiam George, who were appointed as independent non-executive directors on the same day.

The AGM is also expected to reappoint PricewaterhouseCoopers as auditors of the company for the ensuing year.

The AGM is further expected to consider and, if accepted, approve an increment of 5% to the board fees of the non-executive directors, effective on 1 October 2025. 

The current per-board seating fee for the board chairperson is N$15 091.28 and the proposed new fee will be N$15 846.

The sitting fees for members are expected to increase to N$8961 per sitting. 

The board member’s retainer fee is expected to increase by 5% to N$9111.

The fees for chairpersons is expected to increase to N$7 694 while members sitting on the committees will get N$5251 per sitting. 

The retainer for the committee chairperson will increase by 5% to N$4426 while the retainer for members is expected to increase by 5% to N$2855.