Phuthi Mahanyele-Dabengwa, the CEO of Naspers's South African operations, has sold over $13.1m (R239m) worth of shares in the global internet group, citing the need “to cover taxes and other related costs.”
According to a post on the company’s website yesterday, the transaction, involving 42,305 shares at a weighted average price of $311.20 (R5,663.84), took place on 30 July.
Mahanyele-Dabengwa retained 9,999 shares, worth approximately $3.06m (R55.7m) at current market prices, bringing the total value of the transaction to nearly $16.21m (R295m).
These share options were awarded between 2020 and 2023, with strike prices ranging from $129 to $179 (R2,348 to R3,261). The gains across the four tranches are estimated at $8.24m (R150m), and the resulting tax bill is believed to be around $2.37m (R43m).
Naspers, one of Africa’s largest tech investors and a dominant player on the Johannesburg Stock Exchange (JSE), holds a significant footprint across the continent.
It owns stakes in leading e-commerce and fintech companies such as Takealot, OLX, PayU, and Prosus, and has backed African startups through its Naspers Foundry initiative.
While Naspers has drawn some criticism over limited local shareholding, it remains a vital contributor to the African digital economy and a pacesetter for tech investment trends on the continent.
Appointed in 2019, Mahanyele-Dabengwa became the first black woman to lead Naspers’s South African business.
Before joining, she was executive chairperson of Sigma Capital and earlier served as CEO of the Shanduka Group, the investment firm founded by President Cyril Ramaphosa.
In a company disclosure, Naspers stated: “Phuthi Mahanyele-Dabengwa disposed of 42,305 Naspers N ordinary shares to cover taxes and other related costs and took delivery of the remaining 9,999 shares.”
The company confirmed that the transaction complied with JSE listing requirements and was cleared accordingly.
With the JSE recently breaking the 100,000-point milestone, Naspers continues to play a pivotal role in shaping African tech futures, both on the markets and in boardrooms.
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