A debate is still raging as to whether Naspers’s latest listing decision will benefit investors. In March the group announced plans to list a company called NewCo, which will hold all of its non-SA investments on Amsterdam’s Euronext Exchange.  In a research note sent through Anchor Capital last week, RCI fund management’s Mike Gresty said Naspers’s proposed structure will actually work to widen the much-debated discount the company trades at relative to its underlying assets. NewCo could introduce a “double holding company discount” applied by investors as the company adds another layer to its structure. “Many funds may continue to see Naspers and NewCo as a single entity anyway since they are essentially exposed to the same assets,” said Gresty, adding that the size reduction in Naspers may not be enough to prevent it from hitting concentration limits in SA. Naspers CEO Bob van Dijk confirmed to Business Day that its holding in Chinese internet giant Tencent will be moved to New...

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