Tech giant Naspers boss CEO Bob van Dijk, who is also a CEO of Prosus, has sold shares in in the company worth close to R1 billion.

The company announced on Wednesday on the JSE stock news that the shares were awarded by the company through its share incentive scheme.

“Bob van Dijk exercised share appreciation rights in the Naspers Global Ecommerce Share Appreciation Rights plan (vesting on dates as per above) and received 414 932 Naspers N ordinary shares in settlement of the gain. He then sold 414 932 Naspers N ordinary shares,” the company disclosed.

The tech firms, which also owns Prosus, said van Dijk will reinvest most of the funds back into the Naspers group in the form of bonds.

The Naspers boss will buy the bonds on the open market.

Van Dijk continues to exceed the CEO minimum shareholding requirement of 10X his salary.

The Naspers Global ecommerce share appreciation rights plan reflects the value of Naspers’s main internet businesses excluding Tencent.

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