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Atul Gupta dumps Comair shares

Cape Town - Atul Gupta disposed of shares worth R68.38m in JSE-listed Comair [JSE:COM] and did not make any purchases, as reported earlier on Tuesday.

According to a Comair announcement posted on SENS on Tuesday, Gupta bought 22 794 439 ordinary shares at R3 apiece.

It also said that another Comair director, Ronnie Ntuli, bought R17.31m worth of shares.

However, the airline issued another report just before the markets closed stating that Gupta and Ntuli had actually disposed of their shares.

"Shareholders are now advised that transaction is in fact a disposal of shares and not purchase of shares as announced earlier  today."

By end of trade on Tuesday, Comair's share price was down 1.33% at R2.96.

In September, the low-cost carrier said revenue grew by 29% to R5.38bn and headline profit was R231m for the year to end-June.

At June 30 2013 the director with the biggest holding in Comair was Martin Moritz, the deputy chairperson, with a 10% holding, followed by Gupta with a 5% holding and Ntuli with a 1% stake.
 
The three largest shareholders in Comair at June 30 2013 were the Bidcorp Group Provident & Pension Fund (26%), Allan Gray (15%) and Britair Holdings Limited (11%).

 - Fin24

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