Almost six years into his tenure as the group’s CEO, Prosus boss Bob van Dijk is getting used to living in the spotlight – and attention the media gives his personal financial affairs. But whatever your views on what he is paid, as you listen to this wide ranging interview there can be little doubt the man recruited by his predecessor and now Naspers chairman Koos Bekker is delivering the goods. Van Dijk (47) who was poached from eBay in 2013, has a unique grasp on the way the technology world is going. This is informed by a global perspective shaped not only by watching developments from the west but also through close collaboration with the group’s Chinese partners, dominant players in the world’s most populous market. Prosus shares have underperformed since their high profile listing in Amsterdam last year, but those taking the long view will take plenty of confidence from this in-depth discussion. – Alec Hogg
Because of the unique perspectives provided, this interview with Prosus CEO Bob van Dijk is a must-listen for shareholders in the Amsterdam and Johannesburg-listed company with a market cap of R1,850bn.
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It covers plenty of ground as Van Dijk reflects on almost six years of running South Africa’s most successful group, offers the back story into recent high profile activities which put the Prosus name into global headlines and shares perspectives for the future of a multinational attacking the most exciting markets worldwide.
The interview kicks off with the under-reported response to Prosus’s $1bn bond that closed this week that was five times oversubscribed. The market’s reaction to this fund raising is a measure of progress by the group. The latest bond was floated at just over half the interest rate (3.68% vs 6%) of the one whose funding it replaces – over the ten year period that translates into an interest saving of $230m.
Van Dijk also provides unique insights into the R100bn hostile takeover bid for the UK’s JustEat where Prosus walked away from a fight where it had vastly more firepower than the opponent. He also responds to accusations that during the heat of the battle Prosus deviated from its carefully cultivated reputation of working with entrepreneurs – arguing why in his opinion it’s unfair to describe the unsolicited takeover bid as “hostile”.
The discussion also covers Prosus’s strategy for attacking a trillion dollar market opportunity in India and Van Dijk’s elevation into the Silicon Valley spotlight helped by a recent appearance at Techcrunch’s high profile Disrupt conference in San Francisco and sharing the stage in Berlin with subsidiary Brainly’s founder Michal Borkowski.
He also talks to the unique benefits Prosus gets through its close connection to Chinese giants Tencent and Meituan-Dianping and answers questions posed during a Biznews interview earlier in the week by Protea Capital’s Jean Pierre Verster: specifically whether this Meituan connection (it’s the Uber and Uber Eats of China) will support the quest for profitability in the hotly contested food delivery sector.
Some unique insights into the leader of a company whose fortunes have a direct impact on the wealth creation prospects of literally millions of South Africans. And one that will leave most of them agreeing with Van Dijk that for Prosus “the future’s bright.”
