Share swap in the best interests of investors, says Naspers
CEO Bob van Dijk and his team are proposing that investors swap their highly discounted Naspers shares for Prosus shares
Naspers is taking another stab at the long-standing gap between its market value and the sum of its parts, unveiling a share swap deal that will cut its size on the local stock exchange and boost the free float of its global internet arm.
The deal, which will see Naspers’s global internet division Prosus issue new shares in exchange for a stake of about 45% in the parent, is the latest in a string of attempts by CEO Bob van Dijk to narrow the multibillion-rand valuation shortfall. ..