Naspers CEO Bob van Dijk has sold shares worth R995.8 million.
In a statement, the JSE-listed company says Van Dijk exercised share appreciation rights in the Naspers Global E-commerce Share Appreciation Rights plan and received 414 932 Naspers N ordinary shares in settlement of the gain.
Van Dijk was appointed group CEO of Naspers in April 2014, having joined the group a year earlier as CEO of Allegro Group. Before working for Naspers, he worked for eBay.
He also leads Naspers’s international Internet division Prosus.
According to Naspers, Van Dijk then sold 414 932 Naspers N ordinary shares with the total value of transaction being R995 836 800.
The company explains the Naspers Global e-commerce share appreciation rights plan reflects the value of Naspers’s main Internet businesses excluding Tencent.
For a participant to make a gain under the scheme rules, the valuation on the exercise date must be greater than the value on the grant date, it adds.
The company says Van Dijk will reinvest most of the resulting funds back into the Naspers group in the form of bonds which he will buy on the open market.
Van Dijk continues to exceed the CEO minimum shareholding requirement of 10X his salary, the company says.
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