Despite questions about the relationship of MultiChoice with the Gupta family, Naspers has so far escaped any share price fallout. Tuesday’s investor day in New York, however, failed to inspire renewed confidence in the group, with Naspers retreating 2% on Wednesday.The Steinhoff setback has shown that Naspers’s 34% stake in Chinese internet company Tencent remains an even bigger driver of Naspers sentiment than before. When Tencent rises on the Hang Seng, Naspers is sure to follow, with the market still effectively pricing its other interests including MultiChoice, as essentially worthless. Many of Naspers’s business practices mirror those of Cape-based Steinhoff, including the multitude of subsidiaries in a vast number of countries and the parking of revenue or capital in obscure investment vehicles. Importantly, it is also under the scrutiny of global law firms and regulatory authorities. Investing in Naspers now requires taking a more speculative position, just as buying Steinho...
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