Famous Brands non-executive director Peter Halamandaris sold 42 875 shares worth more than R3.6 million last Friday, the same day the company opened its first Steers outlet in Clapham, London.
Halamandaris was one of the original founders of the Steers Group along with his family who all went on to establish Famous Brands.
He resigned from the executive board in 1999 after serving as its head for five years to concentrate on his private business.
The fast food owner last month reported a 22 percent increase in full-year earnings as solid sales growth and an increase in new stores helped its bottom line.
Famous Brands also owns Wimpy, Debonairs Pizza, Mugg & Bean, FishAways and other fast food franchises.
The group added 34 new restaurants during the first quarter, according to chief executive Kevin Hedderwick.
It has also expanded into Africa reporting a 27.2 percent improvement in sales on the continent with a 16 percent improvement in South Africa.
Famous Brands stocks ended slightly up by 0.08 percent to close at R95.69 yesterday. – Zandi Shabalala