Concern about Naspers’s opaque control structure may be largely unfounded, a report by JPMorgan suggests. A few have said the complexity of the control structure may be contributing to the fact that the Cape Town-based company is worth less than its investment in China’s Tencent. Naspers’s dual-class share structure, whereby unlisted A shares have more voting rights than listed N shares, and the fact that chairman Koos Bekker is a former CEO, are frequently cited by shareholders as corporate governance concerns. "Our research provides us with comfort around the board-level independence of the control structure companies. This is a positive outcome for corporate governance, in our view," JP Morgan said in a report published in April. The US bank is bullish about Naspers and expects the internet holding firm’s share price to hit R4,350 by the end of 2018. Naspers shares last traded at R3,199.12 on Friday. Naspers’s control structure entities, Naspers Beleggings (Nasbel) and Keeromstra...

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