Naspers aims to list international assets in Amsterdam in September
Naspers plans to list its international internet assets in Amsterdam on September 11, after postage problems forced it to delay the listing by two months.
Africa’s biggest public company initially wanted to list its foreign holdings — including its valuable stake in China’s Tencent — in July. Those plans were scuppered by “an administrative error by an external service provider” that resulted in some copies of the circular distributed to shareholders being incorrectly labelled, Naspers said previously.
“Following the delay to the original timing, I am pleased that the listing of Prosus is on track to be completed in September,” Naspers CEO Bob van Dijk said on Friday, referring to the entity that will be listed on the Euronext Amsterdam exchange.
“It’s a significant step for Naspers and will present a new opportunity for global internet investors to access our unique portfolio of international internet assets, with incremental investment creating a strong platform for our future growth ambitions,” Van Dijk said.
“At the same time, the listing is designed to reduce our weighting on the JSE, which will address unhelpful market dynamics for our shareholders.”
Naspers has blamed its significant valuation discount partly on it having outgrown the JSE. Prosus will have a secondary, inward listing on the JSE, and Naspers has said it will own at least 73% of the entity.
Shareholders will vote on the listing plans on 23 August.