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(Bloomberg) — Naspers Ltd. is planning a separate listing of pay-TV unit Multichoice on Johannesburg’s stock exchange as Africa’s biggest company seeks to focus on internet businesses and boost value for shareholders.
The move comes almost two months after Chief Executive Officer Bob Van Dijk said the media giant was considering the unbundling of certain parts of the company to help reduce in size. Multichoice is “profitable and highly cash generative,” the Cape Town-based firm said in a statement on Monday.
“This marks a significant step as Naspers continues its evolution into a global consumer internet company,” it said.
Naspers has long sought to narrow the gap in value between its stake in Chinese internet giant Tencent Holdings Ltd. and the firm as a whole. The South African company has online interests around the world, from Russia to Brazil.
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