Cash-flush Naspers hunts for bargains
Africa’s biggest public firm has a cash pile of $8.7bn and plans to invest another R4.6bn in SA
Internet and media giant Naspers has a strong pipeline of potential deals and the cash-flush group will take advantage of declining asset prices, says CEO Bob van Dijk. "It’s actually a really interesting time for us to invest," Van Dijk told Business Day on Friday. "In some parts of the world, pricing levels are actually coming down, which means there are opportunities." Naspers, Africa’s biggest public company, has a cash pile of $8.7bn thanks to the sale earlier this year of its 12% stake in Indian e-commerce company Flipkart and the reduction of its stake in China’s Tencent. "We’re not in a rush to spend it, we are diligent and return is critical, but we see a lot of opportunities that really fit well with the group and that we strongly believe in," he said. Naspers will also put more money behind its businesses. It said earlier in November that it plans to invest another $400m in its online-food delivery operations in Latin America. Africa’s most valuable listed company reporte...
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