Prosus ready to shower investors with R82bn cash
Company aims to buy back up to $1.37bn of its own shares, and up to $3.63bn of shares of parent Naspers
In an unprecedented move that underscores elevated valuations for consumer internet assets, Naspers’s global internet juggernaut Prosus will hand over R82bn to shareholders through share buybacks.
Prosus said on Friday the deal was a sensible and timely use of capital, given the “full market valuations” in consumer internet M&A and a large discount in the group’s R2.5-trillion market cap and the value of its underlying assets. ..