Telkom CEO Sipho Maseko has offloaded R6.3-million worth of the shares he holds in the JSE-listed telecommunications group, a regulatory filing on Wednesday showed.
Maseko, Telkom said in a statement issued via the JSE’s stock exchange news services, sold the shares on 12 and 13 November, just days after the company exited a closed period following the publication of interim results for the six months ended September 2020.
On 12 November, Maseko sold R2.9-million worth of shares at an average price of R32.62/share. The next day, he offloaded R3.4-million worth at an average of R32.73/share.
The recent sale by Sipho Maseko was the biggest sale of Telkom SA SOC shares made by an insider individual in the last twelve months, according to our records. That means that even when the share price was slightly below the current price of R33.72, an insider wanted to cash in some shares. As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. Please do note, however, that sellers may have a variety of reasons for selling, so we don’t know for sure what they think of the stock price. It is worth noting that this sale was 100% of Sipho Maseko’s holding.
Telkom has not yet say why Maseko sold the shares.
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