MultiChoice directors sell shares worth R9.55 million

Three MultiChoice directors, including the chairman, have collectively sold R9.55 million of their MultiChoice shares.

Chairman Imtiaz Patal sold R7.6 million worth of MultiChoice shares, a director of the African subsidiary of MultiChoice, Byron du Plessis, sold R1.2 million worth of shares, and non-executive director Jim Volkwyn sold R750,000 worth of shares. 

MultiChoice’s share price has remained flat since the announcement was made.

Group executive of corporate affairs at MultiChoice, Collen Dlamini said that “the individuals involved utilised the limited window to trade their MultiChoice Group shares in the ordinary course of business”.

On Thursday last week, MultiChoice announced a deal with Comcast that centers around the streaming service Showmax. The deal is a core part of its strategy to become Africa’s leading streaming service.

Dlamini said that this announcement lifted a trade embargo that was in place for those who had insider knowledge of the deal.

In the last month, MultiChoice’s share price has increased by over 13%. The company announced a 4.3% average increase in prices for DSTV subscriptions which will come into effect on 1 April.