WeBuyCars founders cash in R866m in first major share sale since 2024 listing

Key topics:WBC founders sell R866m in shares for diversification and planning18.7m shares sold; Van der Walts still hold 5.81% of companySale seen as wealth management, not lack of confidence in WBC.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..BizNews Reporter.The founders of WeBuyCars (WBC), Faan and Dirk van der Walt, have sold shares worth approximately R866.4 million in a significant portfolio rebalancing, marking their first stock disposal since the company’s JSE listing in April 2024.According to a SENS announcement released after the market’s close on Monday, the executive directors sold a total of 18.7 million shares between 28 January and 2 February 2026. The shares were sold through their associate company, I VDW Holdings Proprietary Limited, at an average price of R46.27 per share.The sale represents a massive liquidity event for the brothers, who founded the used-car giant in a warehouse in Pretoria almost two decades ago.Diversification and Estate Planning The company moved quickly to assure the market that this disposal does not signal a lack of confidence in the business. The announcement cited "personal investment diversification and estate planning" as the primary drivers for the transaction..Read more:.WeBuyCars delivers double-digit growth despite tough trading conditions.Following the company’s strong share price performance over an extended period, the founders' holdings had grown to represent a "disproportionately large portion of their personal wealth." Financial advisors often recommend rebalancing for founders post-IPO to mitigate risk, rather than having the bulk of their net worth tied to a single equity position.Still "Fully Committed" Despite the sale, the Van der Walt brothers remain among the top five shareholders of WeBuyCars. Following the transaction, they and their associates collectively retain a 5.81% stake in the company's issued share capital.The group emphasised that the founders "do not intend to sell any further shares in the Company in the near future" and remain fully committed to their executive roles. The statement reiterated their focus on delivering sustainable growth and long-term value for shareholders.Section 122 Notice In line with the Companies Act, WeBuyCars also issued a Section 122 announcement confirming that I VDW Holdings had formally notified the company of the disposal. The entity’s beneficial interest in WeBuyCars now stands at 5.65%.For investors, while a founder sell-off of this magnitude can sometimes cause jitters, the transparency about the motivation—coupled with the retention of a significant stake—suggests this is a standard wealth-management move rather than an exit strategy. The brothers have not sold any shares prior to this transaction since the company’s debut on the bourse nearly two years ago.

WeBuyCars founders cash in R866m in first major share sale since 2024 listing

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