Naspers AGM: $35bn value created via buybacks from TenCent share sales

Key topics:Strategic Direction: Naspers’s AGM confirmed a focus on building an "AI-first world" and growing its e-commerce business. Value Creation: A share-repurchase program, funded by Tencent sales, has created US$35 billion in value for shareholders. Shareholder Dissent: Executive remuneration policies and certain director re-elections faced significant opposition from shareholders.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here.The auditorium doors will open for BNIC#2 on 10 September 2025 in Hermanus. For more information and tickets, click here..BizNews Reporter.CAPE TOWN, 22 August 2025 – Naspers confirmed today that all resolutions were passed at its 111th Annual General Meeting (AGM), signaling broad shareholder approval for the technology giant's strategic direction, which includes a heavy focus on artificial intelligence and continued efforts to reduce its trading discount. However, voting results revealed significant dissent regarding the company's executive remuneration policies.The meeting, held electronically yesterday, solidified the company's commitment to "unlocking an AI-first world." Naspers outlined its goal to build leading e-commerce ecosystems in Latin America, Europe, and India, leveraging AI to enhance operational efficiency and customer experiences. The company also stressed its commitment to ethical AI frameworks to ensure its technologies are safe and equitable.A key point of success highlighted was the ongoing share-repurchase program. Funded by the gradual sale of its Tencent stake, the initiative has generated US$35 billion in value for shareholders since its inception in mid-2022. The company reported that the buyback has increased its net asset value per share by 11% and reduced the free-float share count by over 27%, effectively narrowing the persistent discount at which its shares trade.Financially, Naspers reported a strong year of progress for the 2025 financial year, with group revenue growing 12% to US$7.2 billion. Its e-commerce sector was a standout performer, with consolidated revenue growth of 20% in local currency, a rate the company noted was twice as fast as its peer group.Despite the overall passage of resolutions, the detailed voting results showed significant shareholder pushback in key areas. The company’s remuneration policy and implementation report were met with strong opposition, with over 70% of N ordinary shareholders voting against both non-binding advisory resolutions.Certain director re-elections also faced notable resistance. The re-appointment of Debra Meyer and Steve Pacak to the board saw 'against' votes from 39% and 45% of N ordinary shareholders, respectively. Similarly, their appointments to key committees, including Pacak’s role as chair of the audit committee, were met with high levels of dissent.Shareholders approved the payment of dividends, which are scheduled to be paid on December 8, 2025.Looking ahead, Naspers expressed confidence in its strategy, stating its aim is to "keep growing fast, create competitive advantage through innovation, and increase our profitability." The focus remains on building sustainable, technology-driven companies that meet societal needs while delivering long-term value to shareholders.

Naspers AGM: $35bn value created via buybacks from TenCent share sales

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