By: Tarryn-Leigh Solomons
Phuthi Mahanyele-Dabengwa, Chief Executive of Naspers South Africa and an Executive Director on the company’s board, has sold Naspers N ordinary shares valued at R239.6 million to settle personal tax liabilities linked to vested share incentives.
According to a regulatory filing, the transaction was concluded on 30 July 2025, involving the sale of 42,305 shares at a volume-weighted average price of R5,663.84 per share (approximately $315).
These shares were part of long-term incentives granted between 2020 and 2023 under Naspers’ executive remuneration programme.
The equity awards comprised:
- 13,281 shares (granted 21 Sept 2020, base cost R2,827.88) vested between 2021–2024.
- 11,237 shares (granted 21 June 2021, base cost R3,040.00) vested between 2022–2025.
- 21,252 shares (granted 27 June 2022, base cost R2,348.69) vested between 2023–2025.
- 6,534 shares (granted 27 June 2023, base cost R3,261.28) vested between 2024–2025.
The original acquisition costs ranged from R2,348.69 to R3,261.28 per share, meaning the sale price generated capital gains estimated at R150 million (around $8 million). Based on South Africa’s current top marginal rates, the related tax liability is projected at roughly R43 million ($2.3 million).
Such disposals are common practice among executives after the vesting of equity-based awards, as taxes are typically due upon exercise. Selling part of the allocation provides liquidity to meet these obligations — as demonstrated in this case.
