Maxis Bhd CEO, Morten Lundal purchased 361,155 shares of the telecommunication group from the open market recently.
In a filing with Bursa Malaysia on Tuesday, Maxis disclosed that Morten Lundal (picture) bought the shares at RM6.33 each last Friday (4 March 2016).
Maxis said following the share purchase, Morten owned a direct 0.005% stake comprising 361,155 shares in the company.
Morten also has an indirect 0.01 % stake comprising some one million Maxis shares.
“These shares are currently held by CIMB Commerce Trustee Bhd or its nominee pursuant to the terms and conditions of the incentive arrangement that forms part of the employment contract which the director has entered into with the company, where the cash incentives payable to him were used to acquire shares from the open market.” reports TheEdgeMarkets.
“Subject to fulfilment of the vesting conditions and the terms and conditions of the said incentive arrangement, these shares will vest in the director on a deferred basis,” Maxis said.