South Africa's Halamandaris family sells Famous Brands shares near the stock's recent high

A trust connected to the founding family of Famous Brands sold 34,067 shares in the restaurant group this month, in three separate transactions worth a combined $129,000 (2.1 million rand).

The Panis Trust made the disposals between July 2 and July 6, according to filings with the Johannesburg Stock Exchange. Nicolaos Halamandaris, a non-executive director of Famous Brands, is a non-controlling trustee and beneficiary of the trust, which is why the trades were disclosed.

The trust sold 28,294 shares at 61.8803 rand each on July 2, a transaction worth about $107,000 (1.75 million rand). It sold a further 4,184 shares at 61.50 rand on July 3, worth about $15,800 (257,316 rand), and 1,589 shares at the same price on July 6.

Famous Brands closed at 58.53 rand on Monday, valuing the company at about $360 million (5.86 billion rand). The shares were sold at prices roughly 5% above that level.

The disposals represent a small fraction of the trust's holding. The company's most recent annual report put the Panis Trust's stake at 5.72%, equivalent to 5,728,955 shares and worth about $20.6 million (335 million rand) at Monday's price.

The JSE filings do not state a reason for the sales.

Halamandaris has sold shares before. He disposed of 200,000 shares in August 2024 and a further 200,000 in September of that year.

Famous Brands is Africa's largest restaurant franchisor. It operates close to 3,000 outlets across about 20 brands, including Steers, Wimpy, Debonairs Pizza, Mugg & Bean, FishAways, Milky Lane, House of Coffees and tashas, and runs manufacturing, logistics and retail operations that supply the network.

The company traces its origins to the early 1960s, when George Halamandres opened a series of restaurants in Johannesburg after spending time in the United States. The business was incorporated as Steers Holdings in 1969, and the first Steers hamburger outlet opened in Jeppe in 1970. The Halamandres and Halamandaris families ran and expanded the company over the following decades.

Steers Holdings listed on the JSE in November 1994 at 1.65 rand a share, with a market capitalisation of 41 million rand.

The group's share price has struggled over the past decade. Famous Brands acquired the British chain Gourmet Burger Kitchen for £120 million in 2016. The chain went into administration in 2020, and the stock has not recovered to its pre-acquisition levels. The shares opened 2026 at 53.48 rand and have risen about 9% since.

The founding generation has withdrawn from day-to-day governance. Panagiotis Halamandaris served as chairman of the listed company until 2007, remained as non-executive chairman, and retired from the board in 2017 along with his brothers Theofanis and Periklis. Nicolaos Halamandaris and John Halamandres remain on the board as non-executive directors.

Nicolaos Halamandaris was a franchise partner for several of the group's brands for about two decades until 2010. He is an executive director of several unlisted property development and construction companies, where his responsibilities include strategy and new business development.

Chief Executive Darren Hele acknowledged the families' continued involvement in the group's most recent annual report, thanking the Halamandaris and Halamandres families for remaining shareholders throughout the company's evolution.

The Public Investment Corporation, South Africa's state-owned asset manager, has been increasing its holding in Famous Brands this year.