Naspers To Go Ahead With Listing Of Its Global Internet Assets In Sept

South African e-commerce giant Naspers said on Friday the delayed multi-billion euro listing of its international internet assets, including its over 30% stake in China’s Tencent, will go ahead on Sept. 11.

Naspers was forced to delay the listing of its newly created Prosus subsidiary – which houses the assets worth more than 100 billion euros ($112.36 billion) – on Amsterdam’s Euronext exchange in June following an administrative error by a third party involved in the planned flotation.

“It’s a significant step for Naspers and will present a new opportunity for global internet investors,” Chief Executive Bob van Dijk said in a statement, adding he was pleased the listing was on track following the delay.

Prosus’ listing is critical for Napsers as it seeks to close a significant discount between its value and that of its stake in Tencent, which it has been under pressure for some time to bridge.

It means Naspers currently accounts for more than 25% of the Johannesburg Stock Exchange’s Top 40 share index and makes it problematic for South African pension funds and other investors to buy Naspers shares or South African indexes without gaining a disproportionate exposure to one of China’s biggest social media and gaming groups.

Naspers shares were up 1.87% at 1036 GMT. The company expects to float 27% of Prosus, retaining the remainder. It will also have a secondary listing in Johannesburg.

Reuters