Transaction Capital, which finances the taxi industry, said on Wednesday that three of its founders had sold shares worth R1.6bn in a move that will diversify its shareholder base and improve liquidity.

Jonathan Jawno, Michael Mendelowitz and Roberto Rossi sold 69-million shares through their respective shareholding vehicles, via a bookbuild that was oversubscribed. The transaction equated to about 10% of the company’s market capitalisation. ..

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