Koos Bekker: Naspers chairmanship, holdings and Wheatfields

1Disclosed holdings, later trust sales and their stated purpose

analysisA family trust linked to Koos Bekker sold 792,800 Naspers N shares and 1,556,807 Prosus shares over 17–19 December 2025, according to reporting based on company disclosures. The combined proceeds were reported at roughly R2.5 billion. ¹ ²

qualification: These disposals are separate from the older high-vote Wheatfields structure. They do not show that Bekker left the chair or disposed of all of his interests, and an asset aggregator’s later valuation is a market snapshot rather than an independently verified personal net-worth figure.
response: The companies said the proceeds would fund building operations at hospitality properties in which the trust had an interest and that it retained 90% of its pre-disposal holdings in both companies.

2Dated indirect interests disclosed by the company

analysisThe company’s 2014 and 2024 remuneration disclosures both identify Koos Bekker and Cobus Stofberg as holding an indirect 25% interest each in Wheatfields 221 Proprietary Limited. At March 2024, Wheatfields controlled 168,605 Nasbel ordinary shares, 16,860,500 Keerom ordinary shares, 179,988 Naspers A shares and 1,207,198 Prosus A1 shares. The older 2014 Naspers A holding was 133,350 shares. ³ ⁴ ⁵

qualification: These are dated indirect holdings and share counts, before the October 2025 Naspers subdivision. The disclosed 25% interests support the historical economic connection but do not by themselves determine who controlled every Naspers vote. Caxton’s asserted Sanlam–Sholto–Goedgedacht chain is retained as its attributed account, distinct from the company’s own indirect-interest disclosure. A later retirement does not establish disposal of a person’s investments.

3The 2006 arrangement and the stated control rationale

analysisThe 2006 account of Wheatfields describes Sanlam placing its high-vote Naspers holdings into the vehicle, then selling half the vehicle to entities acting for Bekker and Stofberg. The stated consideration was R67.5 million for each of their interests, with the two assuming equal financial risk. The resulting structure retained a Sanlam economic interest while protecting the high-vote shares from a hostile bidder. ⁶ ⁷

qualification: The 2006 statement’s description of control and voting rights is a dated company account. Later Commission analysis and Caxton’s competing interpretation should not be silently replaced by it. Payments made in an acquisition are historical transactions, not continuing executive mandates.
response: Bekker said the arrangement was intended to preserve Naspers’ independence and ability to operate internationally. The reported hostile PSG-led proposal illustrated the disparity between a tiny economic percentage and a much larger voting interest.

Sources (7)

Media source · s-d106 identified by category only · Media
Other source · s-d134 identified by category only · Other
Company statement source · s-d117 identified by category only · Company statement
Company statement source · s-d120 identified by category only · Company statement
Other source · s-d133 identified by category only · Other
Media source · s-d137 identified by category only · Media
Media source · s-d346 identified by category only · Media

Recorded connections

Jacobus Petrus (Koos) Bekker to Naspers LimitedNon-executive chair; not independentreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to MTN Group LimitedCo-founderreported · Source recorded 2026-09; underlying appointment or transaction date and later status are not inferred from retrieval · historical
Jacobus Petrus (Koos) Bekker to M-Net/MultiChoiceLeader of founding teamreported · Source gives 1985; exact start and later status depend on the cited record · historical
Jacobus Petrus (Koos) Bekker to Theunissen (Ton) VoslooSucceeded as chairreported · Source recorded 2026-09; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedNon-executive chairreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to Prosus N.V.Non-executive chairreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedBoard chairreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to Wheatfields Investments No 221Attributed trust/shareholder connection in Caxton’s control theoryreported · Source recorded 2017-06-08; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedChair associated with trust share disposals; not complete exitreported · Source recorded 2025-12-23; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers Limited16,376,499 N shares in 2014 disclosurereported · Source gives 2014; exact start and later status depend on the cited record · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedFormer chief executivereported · Historical Naspers CEO mandate, 1997–31 March 2014 · historical
Jacobus Petrus (Koos) Bekker to Wheatfields Investments No 221Indirect 25% economic interest in dated company disclosurereported · Source recorded 2014-03-31; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Bob van Dijk to Jacobus Petrus (Koos) BekkerSucceeded as chief executivereported · Source gives 2014-04-01; exact start and later status depend on the cited record · current or historical not established
Jacobus Petrus (Koos) Bekker to Wheatfields Investments No 221Indirect 25% economic interest in dated company disclosurereported · Source recorded 2024-03-31; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedNon-executive chair donating disclosed feesreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedBoard chair announcing group leadership appointmentreported · Source recorded 2024-05-17; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Tencent Holdings LimitedDirectorreported · Source gives 2012-11-13; exact start and later status depend on the cited record · current or historical not established
Jacobus Petrus (Koos) Bekker to Prosus N.V.Board chairreported · Naspers chair from April 2015; Prosus separately listed from 2019; planned retirement in financial year ending March 2028 is future · current or historical not established
Jacobus Petrus (Koos) Bekker to Prosus N.V.Reported 14,189,691 N shares, 0.65%, in 2026 snapshotreported · Source gives 2026; exact start and later status depend on the cited record · current or historical not established
Jacobus Petrus (Koos) Bekker to MTN Group LimitedCo-founder in career accountreported · Source recorded 2026-09; underlying appointment or transaction date and later status are not inferred from retrieval · historical
Jacobus Petrus (Koos) Bekker to MIH Holdings Proprietary LimitedFormer MIH chief executivereported · Source recorded 2026-09; underlying appointment or transaction date and later status are not inferred from retrieval · historical
Jacobus Petrus (Koos) Bekker to Naspers LimitedFormer Naspers chief executivereported · Historical Naspers CEO mandate, 1997–31 March 2014 · historical
Sanlam Limited to Jacobus Petrus (Koos) BekkerSeller to entities acting for buyerreported · Source recorded 2006-01-26; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus du Toit (Cobus) Stofberg to Jacobus Petrus (Koos) BekkerCo-acquirer through separate entities, equal financial riskreported · Source recorded 2006-01-26; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to M-NetCo-founder of pay-TV servicereported · Source recorded 2026; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to MTN Group LimitedFounding directorreported · Source recorded 2026; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedFormer chief executive from 1997reported · Historical Naspers CEO mandate, 1997–31 March 2014 · historical
Jacobus Petrus (Koos) Bekker to Naspers LimitedHistorical Naspers CEO at time of disputed eventsreported · Source recorded 2014-05; underlying appointment or transaction date and later status are not inferred from retrieval · historical
Jacobus Petrus (Koos) Bekker to Naspers LimitedChair with announced future retirement plan, not completed departurereported · Chair at retained 2026 AGM; retirement planned in financial year ending March 2028, not a completed departure · current or historical not established
Jacobus Petrus (Koos) Bekker to Prosus N.V.Chair with announced future retirement plan, not completed departurereported · Chair at retained 2026 AGM; retirement planned in financial year ending March 2028, not a completed departure · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedInterest named in ordered disclosure of A-share control structure; direct ownership not inferredreported · Source recorded 2014-08-19; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Naspers LimitedUltimate-control theory attributed to Caxton, not a Tribunal findingreported · Source recorded 2014-08-19; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Sholto Investments BVISholto shareholder in Caxton’s attributed accountreported · Source recorded 2017-06-08; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus du Toit (Cobus) Stofberg to Jacobus Petrus (Koos) BekkerHistorical acting replacement during Bekker’s sabbaticalreported · Source recorded 2025-08; underlying appointment or transaction date and later status are not inferred from retrieval · historical
Jacobus Petrus (Koos) Bekker to Jacobus du Toit (Cobus) StofbergJoint acquisition through separate entities in Wheatfields arrangementreported · Source recorded 2006; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Sanlam LimitedBuyer through associated vehicle of Sanlam interestsreported · Source recorded 2006; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Jacobus Petrus (Koos) Bekker to Wheatfields Investments No 221Indirect investor through Wheatfields arrangementreported · Source recorded 2006; underlying appointment or transaction date and later status are not inferred from retrieval · current or historical not established
Theunissen (Ton) Vosloo to Jacobus Petrus (Koos) BekkerPredecessor to Bekker as chairreported · Source gives 2015; exact start and later status depend on the cited record · historical
Jacobus Petrus (Koos) Bekker to MIH Holdings Proprietary LimitedFormer group MIH chief executivereported · 1991–1997 · historical
Jacobus Petrus (Koos) Bekker to M-Net LimitedHistorical M-Net chief executivereported · Source gives 1984; exact start and later status depend on the cited record · historical