One of South Africa’s most high-profile corporate leaders, Phuthi Mahanyele-Dabengwa, has sold over R239 million worth of Naspers shares in a single day. The transaction took place on 30 July, with 42,305 shares disposed of at a weighted average price of R5,663.84 per share. Naspers said the sale was to cover tax liabilities and related expenses.
These share options relate to incentive schemes awarded between 2020 and 2023. The gains across these tranches amount to roughly R150 million, with a calculated tax bill of about R43 million based on capital gains tax estimates.
While she sold the bulk, Mahanyele-Dabengwa still took ownership of 9,999 shares, currently worth over R55 million. The sale has reignited conversation around executive pay and stock-based remuneration, particularly within companies facing broader market challenges.
Mahanyele-Dabengwa has served as CEO of Naspers South Africa since 2019, overseeing operations such as Takealot, Media24, and Property24. Her total remuneration last year was over R44 million, including incentives and share-based rewards. She has now joined the Naspers board and may soon join the Prosus board pending shareholder approval.
Despite selling stock, her long-term incentives remain tied to Naspers’s ambitious growth targets, including a $5 million potential bonus linked to a multi-year market cap performance plan.