Naspers completes R22.4bn share buyback

Foreign exposure: Naspers has limited revenue generation from SA through MultiChoice. Its big gains come from its 31.1% holding in Chinese firm Tencent. Picture: BLOOMBERGIn January, the group sold €1.5bn worth of shares in its Amsterdam-listed consumer internet subsidiary Prosus, intending to repatriate the proceeds to SA to buy back its own shares.Since the commencement of the programme in January, a total of 9,156,705 Naspers N-ordinary shares have been repurchased, representing about 2.

The deal comes as a valuation gap between Prosus and its underlying assets widens due to a rally in the stock price of its biggest money spinner, Tencent. Prosus’s one-third stake in Tencent dwarfs its own capitalisation despite the company owning a clutch of e-commerce platforms such the US online classified business letgo and Russia’s internet group mail.ru.

As part of efforts to narrow the discount, Naspers listed Prosus in September 2019, hoping to attract European investors who had been starved of a sizeable internet player.

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