MultiChoice soars in debut trading on the JSE
After its spin-off from Naspers, the pay-TV company is looking to expand across Africa
MultiChoice soared 16% in debut trading on the JSE on Wednesday as the pan-African pay-TV company embarks on a new era of independence following a spin-off by technology giant Naspers. The shares traded at R111.12 as of 11am local time on Wednesday, valuing the company at almost R50bn ($3.5bn). That’s the biggest listing in Johannesburg since Steinhoff International Holdings unbundled its Africa retail operations, now known as Pepkor, almost 18 months ago. The shares first traded at R95.50. “We are happy with where the share opened and how it is trading,” MultiChoice CFO Tim Jacobs said in an interview at the JSE. “We expect it to settle down in the next three months.” The move creates an Africa-focused company free from Cape Town-based Naspers, which has expanded around the world since making a blockbuster early investment in Chinese internet giant Tencent in 2001. MultiChoice broadcasts live sport such as English Premier League soccer, global hit dramas such as Game of Thrones and...
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