Naspers to List Its $134bn Tencent Stake in Europe
March 25 2019 - 9:29AM
Dow Jones News
By WSJ City
Africa's most valuable company, Naspers, plans to separately
list its internet assets in Amsterdam, creating a European traded
tech giant that will house its $134bn stake in China's Tencent
Holdings.
The new entity will consist of all the conglomerate's internet
interests outside of South Africa, including its 31% stake in
Tencent, as well as holdings in Russian social-media operator
Mail.ru Group and US online marketplace Letgo.
KEY FACTS
--- Naspers said it would hold 75% of the Euronext
Amsterdam-listed business.
--- It will have a secondary listing on the Johannesburg Stock
Exchange.
--- It said the listing would happen no earlier than the second
half of this year.
--- The move will allow investors to directly access its
portfolio of international internet assets.
--- CEO Bob van Dijk declined to comment on the potential value
of the new entity.
Why This Matters
Naspers, with a market value around $100bn, currently trades at
a discount to the value of its stake in Tencent, despite having
additional profitable businesses. Naspers says that many
institutional investors in South Africa have been forced to sell
their shares in the company as it grew because of rules limiting
how much they can invest in a single stock.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
March 25, 2019 09:14 ET (13:14 GMT)
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