Even as investors appear underwhelmed by Bob van Dijk’s latest attempt to release value trapped in Prosus, the boss of one of world’s biggest tech companies has at least one thing to smile about: an improving performance in the group’s multitude of e-commerce businesses.

In an earnings report for the year to end-March this week, Prosus — the global internet arm of Naspers, SA’s biggest company by market capitalisation — showed that the e-commerce platforms ranging from online food delivery to classifieds delivered a 54% jump in revenue, almost twice as much compared with the rate at Tencent — the money-spinning Chinese internet giant in which it is the biggest shareholder, and which has also overshadowed all else...

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