Exchange controls prevent Naspers from moving its primary listing from SA, where capital outflows are weighing on the internet holding company’s share price, says chief financial officer Basil Sgourdos. At an investor roadshow in New York, Sgourdos said the group was looking for ways to reduce Naspers’s significant discount to net asset value. The company was trading at a discount of nearly 40%, which was mostly the result of $15bn-$20bn in capital outflows from SA and the group’s 20% weighting on the JSE, which meant "we suffer the brunt of that". "We’ve done some detailed analysis and for every dollar that leaves SA, it affects our market cap by about $0.5," he said. Local fund managers could not make up for the deficit, which placed pressure on the stock. This structural issue had arisen over the past 18 months due to "political challenges" in the country. "There is no easy fix to the JSE problem, unfortunately. We can’t go and tomorrow leave the JSE and go to another exchange – ...

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