Naspers director sells R65 million in shares

Naspers non-independent non-executive director Mark Sorour has sold 19,900 ordinary shares to the value of R65 million.

Sorour joined the Naspers group in 1994, leading business development and corporate finance globally.

Following assignments in Hong Kong and Amsterdam, he returned to Cape Town in 2002 as the Naspers group’s chief investment officer, responsible for all global investment activities.

On 31 March 2018, he retired from the Naspers group after over 20 years. However, he remained on the Naspers board as a non-executive director.

Naspers announced that Sorour had sold 19,900 N ordinary shares on 27 June 2023 as part of a share option scheme.

Mark Sorour exercised 37,479 share options and the additional linked share options received at the time of the listing of Prosus.

The share options relate to 27,360 Naspers N ordinary share options, awarded on 11 July 2013 with a base cost of R661.88 per share and vested on 11 July 2017 and 11 July 2018.

The additional 10,119 share options were received at nil base cost at the time of listing Prosus. These share options are set to expire on 11 July 2023 in terms of the rules of that plan.

Mark Sorour disposed of 19,900 of the shares and took delivery of the remaining 17,579 shares in his own name.