Alec Hogg: Nothing Fawlty about this Basil’s logic – Naspers aims to close 52% discount
Yesterday's Rational Radio webinar with Naspers group CFP Basil Sgourdos was a pearler. I kinda got an answer to the possible offloading of the group's loss-making SA media assets – well maybe, but nobody really wants media right now – and we heard a justification for the well paid executives: the non-Tencent assets are worth $30bn, around three times the capital invested into them.
The big story of the webinar, however, was how seriously the Naspers team is approaching the embarrassingly high discount of its share price to the value of its 31% stake in Tencent. Sgourdos says the $5bn share buyback announced last month is only one of many ideas the address this value trap. We should expect to see more action on this front, he added.
___STEADY_PAYWALL___