Naspers listed its international internet businesses through Prosus, on the Amsterdam stock exchange, in September. Last week Prosus lost a bid to take over JustEat, a blow to its intent to build its food delivery take-away business empire. This week, Naspers announced on the Stock Exchange News Service that it was selling a hefty chunk of shares in Prosus, with the proceeds repatriated in terms of SA Reserve Bank rules. The Naspers share price was down by just over 2% by the end of trading late on Thursday, but it is up by about 20% from from a one-year low. The company is still rated as a buy, according to analysis covered by Sharenet. The Prosus share price also declined by a similar figure on Thursday. – Jackie Cameron
Naspers sells stake in Prosus
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(The Wall Street Journal) – Naspers said Wednesday that it has sold 22 million ordinary shares in Prosus NV at 67.50 euros ($74.90) a share.
The South Africa-based internet group said the sale resulted in gross proceeds of around €1.5bn for Naspers. The company said that as part of the placing it has agreed to a 90-day lock up period with respect to its remaining interest in Prosus ordinary shares.
Following the placing Naspers holds about 72.5% of the issued Prosus ordinary shares. Prosus was spun off from Naspers last year and houses a major stake in Chinese internet giant Tencent Holdings alongside a number of other digital investments.
Naspers said all of the proceeds will be repatriated to South Africa and that it will use the proceeds over time to return capital to shareholders in the form of a share repurchase program.
– Write to Anthony O. Goriainoff at [email protected]
