Does the JSE, and by implication the investing public, have a Naspers problem? If you are looking for problems, this is the kind of problem to have. Naspers has been the star performer of the exchange over the past five years and longer. The game changer was the company’s $34m investment in Tencent in 2001. That stake, now pegged at 31%, is worth $160bn today. The cumulative returns have ballooned Naspers into the stratosphere, so much so that the company has on its own played a major role in supporting the overall value of the exchange through a rough economic period in SA, protecting the pensions of millions in the process. At this point it’s hard to find a critic since so many have benefited from the company’s wondrous rise. That was underlined again this week when the company cashed out of Indian e-tailer Flipkart for $2.2bn, which was sold to US giant retailer Walmart. Again, the returns were spectacular; Naspers invested $616m in total into Flipkart, starting about six years a...

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