Naspers SA CEO sells R240m in shares to cover tax obligations

Phuthi Mahanyele-Dabengwa, CEO of Naspers’s South African operations, has sold shares worth nearly R240 million in the company. The sale, executed on 30 July 2025, involved the disposal of 42,305 Naspers N ordinary shares at an average price of R5,663.84 per share. According to a statement from Naspers released via the Johannesburg Stock Exchange, this transaction was undertaken primarily to cover tax obligations and other related costs. Alongside these shares sold, Mahanyele-Dabengwa retained 9,999 shares, which are currently valued at approximately R55.7 million.

The shares sold form part of multiple share option awards granted between 2020 and 2023, with strike prices ranging from R2,348 to R3,261 per share. These options had vested over time, allowing her to exercise them at a significantly lower cost than the current market price. The overall capital gains from these transactions are estimated at around R150 million, which triggers a substantial tax liability under South Africa’s capital gains tax regulations. Preliminary calculations suggest her tax bill from this transaction is in the vicinity of R43 million.

Mahanyele-Dabengwa has been at the helm of Naspers’s South African businesses since 2019. She manages a portfolio that includes the Takealot Group, Media24, AutoTrader, and Property24. Prior to joining Naspers, she was executive chairperson and co-founder of Sigma Capital and previously served as CEO of the Shanduka Group, a prominent investment holding company initially founded by President Cyril Ramaphosa. In April 2025, she was appointed as an executive director on the Naspers board and is expected to join the Prosus board pending approval by shareholders at the upcoming annual general meeting.

In the most recent financial year ending March 2025, Mahanyele-Dabengwa’s total remuneration amounted to $2.455 million (approximately R44.9 million), comprising fixed salary, short-term incentives, and long-term share-based awards. A significant portion of her incentives is tied to strategic, operational, and sustainability targets, reflecting the company’s broader commitments. Additionally, she participates in a high-profile long-term incentive plan that offers a potential $5 million award if the group’s market capitalisation in US dollars doubles by 30 June 2028 and sustains that level for at least a year, while outperforming its peer group in total shareholder returns.