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. ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now