Zak Calisto, the founder and CEO of Karooooo, is looking to sell $75 million (R1.3 billion) of his shares in the company.<\/p>\n\n\n\n
Calisto owns 65% of Karooooo shares, with another 10% of the company tied to him via a standing agreement, giving him beneficial voting rights.<\/p>\n\n\n\n
He joined the dollar billionaire club earlier this year, when the company’s market cap grew to $1.65 billion<\/strong>, pushing his net worth over $1 billion and making him the eighth richest man in the country.<\/p>\n\n\n\n Karooooo owns Cartrack and provides fleet management, stolen vehicle recovery and insurance telematics services. It was founded in 2001 and listed on the JSE in 2014.<\/p>\n\n\n\n The group has now announced the pricing of an underwritten secondary public offering of 1.5 million shares held by Calisto.<\/p>\n\n\n\n The shares will sell to the public at $50 per ordinary share, a discount from the current market price of $59.<\/p>\n\n\n\n The gross proceeds from the sale will net Calisto roughly $75 million (R1.3 billion). <\/p>\n\n\n\n The underwriters of the offering will also have a 30-day option to purchase up to 225,000 ordinary shares from the selling shareholder at the public offering price, worth roughly $13 million (R230 million).<\/p>\n\n\n\n Karooooo is not selling any ordinary shares in the Offering and will not receive any of the proceeds from the sale of any ordinary shares by Calisto.<\/p>\n\n\n\n However, it will bear the costs associated with the sale of such shares, other than any underwriting conditions, which Calisto will bear.<\/p>\n\n\n\n His shareholding in the company will still, however, remain at 58% following the sale, which could drop to 57.27% if the option to purchase additional shares is exercised in full.<\/p>\n\n\n\n Despite the sale of his shares, the Karooooo CEO has hatched a way to keep voting control of the company.<\/p>\n\n\n\n The group noted that Juan Marias, the Chief Sales Officer of Karooooo, who holds 10.52% of the company’s issued and outstanding shares via One Spire, has reached an agreement with Calisto.<\/p>\n\n\n\n If the CEO’s beneficial ownership falls below 51% of issued and outstanding shares, One Spire will cast all votes regarding its ordinary shares as directed by Calisto.<\/p>\n\n\n\n The sale of the shares expected to close on June 13, 2025, subject to customary closing conditions.<\/p>\n","protected":false},"excerpt":{"rendered":" Karooooo CEO Zak Calisto is selling over R1 billion worth of shares in a second public offering, but will retain over 50% of the company. <\/p>\n","protected":false},"author":95,"featured_media":806902,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[9150,22558],"class_list":["post-828048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cartrack","tag-karooooo"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/828048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=828048"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/828048\/revisions"}],"predecessor-version":[{"id":828067,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/828048\/revisions\/828067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/806902"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=828048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=828048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=828048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}