Bob van Dijk, the Dutchman occupying the corner office at Naspers, should be happy with what the company delivered in the year to March.

The company posted a 26% jump in annual earnings, riding once again on the breakneck rise of Tencent.  But it is the 14% narrowing of losses at its multitude of private equity style investments in e-commerce platforms that should leave him with an even bigger smile...

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