Naspers, Africa’s biggest company by market value, plans to raise as much as R1.1 billion ($93 million) by listing printing unit Novus in Johannesburg.
Novus will offer 80 million shares from R12.25 to R14.20 each, the company said in a statement on Wednesday. The funds will be used to invest in new technology, make acquisitions and expand in Africa.
Naspers sells satellite TV throughout Africa and has Internet interests in about 40 countries, including stakes in Hong Kong-based Tencent Holdings and Russian Internet company Mail.ru Group. The shares were down 0.5% at R1,700.59 as of 4:05 pm in Johannesburg, paring the gain for the year to 12%.
Novus operates 11 printing presses and one tissue-producing plant in South Africa.
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