Koos Bekker dumps R3.4 billion of Prosus shares

Naspers and Prosus chairman Koos Bekker sold R3.4 billion in Prosus shares on the open market through his family trust.

Bekker’s family trust went on a share-selling spree from 24 March to 28 March, selling 2.5 million Prosus shares, amounting to a total transaction value of R3.4 billion.

Prosus said the proceeds from these sales would finance building operations at hotels in various countries in which Bekker’s family trust holds interest.

“The family trust continues to retain all its Naspers shares and three-quarters of its total interest in Prosus that it had prior to the disposals noted above,” it added.

It is the latest in a series of open market sales from Naspers directors and executives since the companies announced an ongoing share buyback program.

On 27 June 2022, Naspers announced the beginning of an open-ended share buyback program for Naspers and Prosus shares.

This program aims to shrink the gap between the shares’ net asset values and the price at which they are trading.

Naspers’ decision to buy back its shares told investors the company was convinced the shares were trading at a discount to the point of investing its own money.

The market welcomed the share buyback plan, and Naspers’ stock price jumped by 23% on the news, bringing much-needed relief to the shareholders.

However, it was not long before investors received conflicting signals from the Naspers management team and board members.

Shortly after the share buyback was announced, Naspers and Prosus directors started selling millions of rands in shares.

Naspers CEO Bob van Dijk led the pack, selling R1.72 billion in shares in seven transactions amidst the buyback program.

From June 2022, Naspers and Prosus directors and executives sold over R5 billion in Naspers and Prosus shares.

Counterpoint Asset Management executive director and portfolio manager Piet Viljoen slated the share sale by Naspers and Prosus directors amidst the share buyback scheme.

“Directors of Naspers are selling large chunks of shares while the company is in a buyback program. Have they no shame?” Viljoen said.

He previously said if Naspers’ management was truly concerned about creating shareholder value, they would unbundle their Tencent stake and give investors the full value of their holding.

Koos Bekker’s family trust share sale

DateShares soldWeighted average share valueTotal transaction value
2023/03/241,100,000R1,389.88 R1,528,870,420.00
2023/03/27950,000R1,337.84 R1,270,944,105.00
2023/03/28450,000R1,359.59 R611,816,940.00
Total2,500,000 – R3,411,631,465.00

Naspers CEO Bob van Dijk and other executives’ share sales

DateShares sold ValueNameRelation
29-Jun-226766 R15,433,275.99Mark SorourDirector
08-Jul-2254000 R149,160,707.34Steve PacakDirector
29-Aug-2269225 R175,617,573.98Bob van DijkCEO
30-Aug-22109393 R268,346,947.16Bob van DijkCEO
31-Aug-22233835 R571,255,794.99Bob van DijkCEO
01-Sep-22106377 R255,884,256.79Bob van DijkCEO
02-Sep-22123995 R291,868,879.42Bob van DijkCEO
05-Sep-2232590 R77,226,062.46Bob van DijkCEO
07-Dec-2231395 R82,796,611.31Bob van DijkCEO
07-Dec-222451 R6,463,911.27Basil SgourdosCFO
27-Jan-2327360 R92,438,255.23Basil SgourdosCFO
Total797387 R1,986,492,275.94 – –