STUART THEOBALD: Naspers and Prosus are a strange dish indeed
The idea of control vested in an anonymous structure is diabolical
It is hard to fathom the contempt with which Naspers, and now its alter ego Prosus, treats minority shareholders.
Consider that Naspers is controlled through unlisted A shares that have 69% of the voting power despite having a fraction of the economic interest. Consider too that no-one knows exactly who controls those A shares. Chair and former CEO Koos Bekker and fellow executive Cobus Stofberg control some, Sanlam others, but the holders of the majority are unknown; there are more than 5,000 shareholders via intermediary entities, according to Naspers. ..