STUART THEOBALD: Naspers and Prosus are a strange dish indeed
The idea of control vested in an anonymous structure is diabolical
29 August 2021 - 16:34
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. ..
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