JSE shrugs off fear about Naspers split
The company plans to list its non-South African internet businesses in Amsterdam
The JSE insisted on Monday that Naspers’s decision to list the bulk of its portfolio offshore — including a prized stake in Chinese internet giant Tencent — would not harm liquidity on the continent’s biggest bourse. After fielding repeated calls from investors to find ways to unlock value, Naspers said on Monday it planned to list an entity, currently named NewCo, in Amsterdam. NewCo will house its non-South African internet operations, including its 31% stake in Tencent and its investments in Russia’s Mail.ru and Germany’s Delivery Hero. Africa’s biggest public company said it plans to retain a 75% stake in NewCo, which will have Euronext as its primary and the JSE as its secondary listing. Responding to speculation that liquidity could be affected, JSE CEO Nicky Newton-King told Business Day that the move by Naspers was positive for the exchange as she expected the total value of shares traded to increase. “The net impact of this is that 100% of Naspers will trade here as it is n...
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