The news:
- Phuthi Mahanyele-Dabengwa sold 42,305 Naspers shares, earning R239.6 million ($13.2 million).
- The sale was made to cover taxes on company shares received between 2020 and 2023. Share sale prices averaged R5,664 ($315) per share.
- Mahanyele-Dabengwa still holds 9,999 shares, valued at about R55.7 million ($3 million).
Phuthi Mahanyele-Dabengwa, executive director at Naspers and chief executive of its South African operations, has sold 42,305 Naspers N ordinary shares to cover personal tax obligations from vested share options.
The sale, executed on July 30, 2025, netted R239.6 million ($13.2 million), with shares sold at a volume-weighted average price of R5,663.84 ($315). This transaction follows the vesting of long-term incentives granted to Mahanyele-Dabengwa between 2020 and 2023.
According to Naspers’ regulatory filing, the base costs of the options ranged from R2,348.69 ($130) to R3,261.28 ($181) per share, underscoring the capital gains generated from the disposal.
The timing and purpose of the sale fall within typical executive practice. Share-based compensation is taxed when options are exercised, prompting executives to sell some or all of their shares to cover the resulting liabilities.
For Mahanyele-Dabengwa who joined the Napsers board in April 2025, the estimated capital gain — about R150 million ($8 million) — could attract a tax charge of around R43 million ($2.3 million), based on prevailing top-tier tax rates.
Even after the sale, she remains a significant shareholder, retaining 9,999 shares currently valued at roughly R55.7 million ($3.1 million).
The scale of the shareholding and proceeds reveals the depth of equity-based incentives at Naspers, a firm known for tying executive compensation to long-term performance. For listed companies like Naspers, such structures aim to align leadership interests with shareholder value, though they also place significant emphasis on share price performance.
Naspers’ detailed disclosure aligns with Johannesburg Stock Exchange (JSE) Listing Requirements, which mandate that director dealings be made public. The company confirmed the transaction was pre-cleared in line with internal policies, and no shares were sold during a closed period.
