Inside the Naspers “value unlock” listing – The Wall Street Journal

Biznews regulars will know that Naspers CEO Bob van Dijk has been scouting around for a way to unlock Naspers' underlying value for shareholders. The stock famously trades at a substantial discount to its asset value – specifically the value of it's giant Tencent stake. To remedy this, the company is planning to spin out those assets into a separate Amsterdam listing (van Dijk is Dutch). The move will also shrink Naspers in SA, making a smaller chunk of the JSE. All of this is good stuff, provided that current shareholders figure out how to capitalise on the move. Another, equally important aspect to the deal is that it should free up management time and focus at Naspers, enabling the company to work on developing its core businesses and investing in high-growth acquisitions. That would be enormously good news for the company and the JSE. – Felicity Duncan

Naspers listing looks to unlock value in $122bn Tencent stake

By Alexandra Wexler

(The Wall Street Journal) JOHANNESBURG – Africa's most valuable company said Wednesday it will move forward with plans to list its huge internet assets in Amsterdam, a bid to reduce the discount Naspers Ltd.'s shares trade at relative to the value of its $122bn stake in Chinese internet giant Tencent Holdings Ltd.

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