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Naspers plots e-commerce listing in Amsterdam

As it seeks to address a hefty discount in its shares.

Naspers will float its e-commerce ventures on the Euronext stock exchange in Amsterdam, it said on Monday, the latest move by South Africa’s biggest company to address a hefty discount in its shares.

Founded more than 100 years ago in Stellenbosch, South Africa, Naspers has transformed itself from a newspaper publisher into a R1.5 trillion media and internet giant. But it owes all of that valuation to its one-third stake in Tencent.

The Tencent stake is worth around $122 billion, or 17% more than Naspers despite the company owning other assets such as OLX, the biggest classifieds ads site in India and Brazil, and mobile classified platform letgo, which vies with Craiglist in the United States.

“The listing will present an appealing new opportunity for international tech investors to have access to our unique portfolio of international internet assets,” chief executive Bob van Dijk said in a statement.

The new entity, which will have a secondary listing in Johannesburg, will house stakes from some of the biggest internet brands in emerging markets including Russia’s biggest social networking site, Indian online travel firm MakeMyTrip and Brazilian food delivery firm iFood.

The new company is expected to be owned 75% by Naspers and have a free float of 25%. Naspers did not give financial details of the deal.

As part of efforts to create shareholder value, Naspers has already spun out and separately listed its de facto African pay-TV monopoly Multichoice, which is valued at around R50 billion.

Read: MultiChoice’s market cap tops R42bn on JSE debut 

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Before it can be expropriated for “the greater good”.

Doubt this is going to make much difference to local fund managers as everyone will want the stock the housing international internet assets and the South African stuff will languish. Will benefit existing shareholders to some extent.

Their share price discount is due to their preferential shares system, giving a tiny number of shareholders final say over decisions. Such as rewarding BvD for negligible performance. I won’t miss them.

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