A trust linked to the family that founded Famous Brands, Africa’s largest restaurant franchisor, has reduced its stake in the company after selling shares worth about $129,000 (R2.1 million), according to regulatory filings.
The Panis Trust, which is associated with the Halamandaris family, sold 34,067 shares in three transactions between 2 July and 6 July, filings on the Johannesburg Stock Exchange (JSE) showed.
The sales were disclosed because Nicolaos Halamandaris, a non-executive director of Famous Brands, is both a trustee and beneficiary of the trust.
The trust sold 28,294 shares at R61.88 each on 2 July before disposing of another 4,184 shares and 1,589 shares at R61.50 on 3 July and 6 July, respectively.
Despite the transactions, the sale represents only a small portion of the trust’s investment.
