MiX Telematics CEO plans shares sale
Process comes while company is trading near its all-time highs
MiX Telematics founder and CEO Stefan Joselowitz plans to sell up to R87m worth of the company’s stock, based on current prices, to diversify his investment portfolio. The New York and JSE-listed provider of fleet and mobile asset management solutions said Joselowitz, who holds about 4.8% of the company’s shares in issue, will sell the equivalent of up to 8.8-million ordinary shares in 2019. That will reduce his stake to 3.2%. The planned sale process comes while MiX is trading near its all-time highs. The company’s shares closed 1% higher at R10 on Thursday, a 52% improvement in the year to date. That makes the company one of the JSE’s star performers in 2018, an otherwise torrid year for stocks on the local bourse. “My stake in the company currently represents a significant portion of my investment portfolio and I have reached a stage of life where I need to create some liquidity to partially diversify my investments and begin thinking about estate planning,” Joselowitz said. MiX ...
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