South African exec David Hurwitz sells $3 million in shares in Transaction Capital

South African executive David Hurwitz has sold shares in leading financial services group Transaction Capital worth R51.14 million ($3 million), as he prepares to unlock value from his investments in the group.

Hurwitz, who joined Transaction Capital’s founding shareholders in 2005 to acquire African Bank’s Commercial Vehicle Finance division (now SA Taxi), has led the South African group since 2014 when he was appointed group CEO.

Following the deal’s execution on the trading floor of the Johannesburg Stock Exchange on Dec. 19 at a price of R34.15 ($2) per share, the leading executive received a total of R51.14 million ($3 million) for the sale of a beneficial stake in the group, which amounted to 1,600,000 ordinary shares.

Notably, Hurwitz’s recent sale is the largest insider sale of Transaction Capital shares this year, and it comes just a month after Albertinah Kekana sold 120,000 shares of the company for R4.72 million ($276,500).

With the completion of the share purchase transaction, Hurwitz’s stake in Transaction Capital has decreased to 2,500,965 shares, or 0.33 percent, making him one of the group’s largest shareholders.

Transaction Capital is a financial services group based in South Africa that specializes in asset-backed lending and niche risk services. It is a financial services company that operates in South Africa and Australia.

Hurwitz, who joined Transaction Capital’s main board in April 2012 as group chief risk officer and later became group CFO, has worked in the debt capital markets since 1997, holding positions at a specialist structured finance organization and a large local bank.

At the time of writing, the market value of his stake in Transactional Capital was R82.4 million ($4.83 million), making him one of the richest investors on the local bourse.