The JSE ticker currently looks like a high-stakes poker game where the house favourites are sliding their chips off the table. While financial headlines have been cluttered with institutional housekeeping, we are seeing some of the JSE’s most respected fixers liquidating nine-figure sums.
The most eye-watering transaction of the week comes from Pieter Erasmus — the CEO who returned to steady Pepkor after the Steinhoff disaster — who oversaw a massive R531.1m sale of shares through his associate vehicle, Vista Treasury. For Vista to offload 20-million shares — retaining 40-million — straight after Pepkor posted record 2025 earnings is a “sell on good news” move. While the official line is portfolio rebalancing, the timing is impeccable. Pepkor has had a massive boost from increased consumer spending, and by selling now Erasmus is effectively cashing out at the peak of a retail sugar high.
Another big shock on the board is the R748m disposal by Value Capital Partners (VCP), the vehicle led by Tiger Brands director Sam Sithole. VCP is an engaged shareholder that bought into Tiger when it was a bruised giant, pushing for the restructuring we see today — including the appointment of Tjaart Kruger, the offloading of noncore assets and the Cameroon exit. Tiger Brands recently declared a R4bn special dividend and refreshed its 100-year-old logo. By selling now, perhaps VCP is signalling that the “unlocking” part of the job is largely done.
The WeBuyCars tale is becoming fascinatingly complex. Recently, founders Faan and Dirk van der Walt sold a massive chunk of shares — worth about R800m — for estate planning and, as it turns out, to possibly fund a property play by bidding for RMB Holdings via Atterbury Property. Needless to say, markets get jittery when founders sell. Meanwhile, chair Johan Holtzhausen and CFO Chris Rein bought a combined R12.5m worth of shares this week, a necessary vote of confidence from the WeBuyCars leadership.
Peregrine does not buy 10% of a company to sit idly by and read the local newspaper
In the fintech space, Lesaka chair Ali Mazanderani put nearly $400,000 of his own money into the stock. Lesaka has been aggressive with acquisitions (including Adumo and Bank Zero), and insider buying here suggests they believe the market hasn’t fully priced in the synergies of their new merchant ecosystem.
Peregrine Capital, South Africa’s oldest hedge fund manager, has crept up to a 10.03% holding in Caxton. The market has long viewed Caxton as a value trap — a company sitting on a mountain of cash that it refuses to pay out or invest aggressively. Peregrine does not buy 10% of a company to sit idly by and read the local newspaper. Expect pressure on Caxton management to unlock that cash, through either special dividends or share buybacks.
Super Group is leading the charge with a R448m acquisition of DIG Group, a specialist in mining earthmoving. It’s a brilliant defensive pivot; by moving into the high-barrier mining services sector, it is insulating itself from the volatile consumer logistics market.
Meanwhile, the institutional heavyweights are picking their sides. The Public Investment Corp has anchored itself to Raubex, taking a 27.2% stake just as the group’s infrastructure order book hits a record R30bn. In the tech and retail space, BlackRock is doubling down on Clicks as a quality haven, while Coronation is betting on a recovery at Afrimat.
Even in the most niche corners, the conviction is high. At UsPlus, directors Leon Kirkinis and Gary Sayers are putting millions of their own money into preference shares to fund their SME lending book. They aren’t just managing the company; they are the company’s biggest lenders — a rare level of skin in the game that contrasts sharply with the massive exits seen at the top of the index.
A2X
On A2X, activity over the past week was concentrated in a handful of heavyweights, with Clicks leading by value traded at R93.5m, capturing 14.48% of the venue’s market share. Clicks was closely followed by Prosus, where a sizeable R550.9m changed hands, translating into a 14.06% share. Remgro accounted for R103.6m in trades, securing 13.76% of A2X’s value, while Mr Price Group drew R85.3m (13.68%). Rounding out the top five was Nedbank Group, with R141.3m traded (11.7%).
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