Woolworths Holdings Ltd. Chief Executive Officer Ian Moir will sell shares worth 51 million rand ($3.7 million) on Oct. 14, reducing his stake in South Africa’s biggest retailer by market value.
Moir will sell 575,381 Woolworths shares after the call options come due on zero-cost collar hedges, a type of trading strategy, that the executive entered into a year earlier, Cape Town-based Woolworths said on Friday. The company initially said the transaction took place Oct. 1, but later retracted the statement and said the sale will be effective Oct. 14.
Moir, who has been CEO of Woolworths since November 2010, held at least 1.55 million Woolworths shares as of Sept. 25, according to data compiled by Bloomberg. The stock was little changed at 98 rand at the close in Johannesburg, valuing the company at 94 billion rand.
Woolworths Chairman Simon Susman sold stock on Thursday, the company said. Susman disposed of 130,000 shares, for a total value of 12.75 million rand.