Cartrack CEOB Zak Calisto bought more than R7.3 million worth of the company’ shares, according to a JSE disclosure published on Tuesday.
The shares purchases come after the JSE-listed telematics group logged yet another half year of double-digit growth for its subscribers.
Cartrack published its interim results for the six months to August 2018, showing a 28% rise in subscribers to 849, 772.
For more read: SA’s Telematics Firm Cartrack Is Gearing Up For Growth
The company has received a 5-year facility of R600 million from a local bank to finance the recapitalization of customer acquisition costs derived from organic growth.
Calisto, an associate of One August Holdings, bought 519 576 shares at R13.99 on the open market yesterday.
One August Holdings holds 68% equity shareholding in Cartrack.
The company valued at R4.2 billion on the JSE has seen its shares dropped 0.29% in the past 30 days and fell 10% in the past year.