Capitec director sells all his shares - at a record high

Prominent investor Jean Pierre Verster sold all his shares in Capitec - just as the company hit a record high.

Verster has been an independent non-executive director of Capitec since 2015, and chairs the company's audit committee.  

• Subscribe to Fin24’s newsletter here 

Verster bought the shares before he became a director of Capitec.

He told Netwerk24 that it was a personal decision and that the money will be use for his new hedge fund business, Protea Capital Management.

He sold all his 5,000 shares on Tuesday for R7.2m.

Capitec's share price hit an all-time high on the same day.

He isn't planning to resign as Capitec director, and said it was not uncommon for independent, non-executive directors to sell their holdings.

Verster rose to prominence after he shorted Steinhoff on behalf of his funds before the near-collapse of the company in 2017.