Naspers and Prosus CEO Bob van Dijk sold 31,395 Naspers and Prosus shares to the value of R118 million on 7 December.
Naspers announced the sale through the Johannesburg Stock Exchange’s news service (SENS) on Friday.
On 9 September 2019, Bob van Dijk was awarded 24,527 Naspers performance share units (PSUs) at a nil base cost.
“PSUs were awarded in 2020 following feedback from shareholders to better incentivise long-term value creation in our underlying internet businesses,” Naspers said.
These Naspers PSUs and the linked Prosus PSUs were due to vest on 30 June 2022, subject to meeting performance conditions linked to the growth of the ecommerce portfolio.
However, the board could not determine the achievement of the PSU performance condition at that time and delayed the vesting until 9 November 2022 following the conclusion of the Avito disposal.
As such, Bob van Dijk exercised 31,395 Naspers PSUs and the linked Prosus PSUs.
He disposed of the entirety of the award – 31,395 Naspers PSUs and the linked Prosus PSUs – on the market to the value of R118 million.
Naspers financial director Basil Sgourdos also exercised 16,279 Naspers PSUs and the linked Prosus PSUs as part of the performance incentive.
He disposed of 2,451 Prosus ordinary shares N to cover taxes and other related costs on the market and took delivery of the remaining 13,828 Prosus ordinary shares.