Naspers is considering a secondary listing abroad and will also look at separate listings for some companies within the group - including its South African and African pay-TV unit, CEO Bob van Dijk says. The internet holding company is considering these and other "structural options" to rein in its considerable discount to the value of its holdings. The group trades at a discount to net asset value of about 40%, far higher than what many analysts deem a "fair" discount for a holding company, namely 20%. Listing the pay-TV business, which trades under the MultiChoice brand, in South Africa was a possibility and could "help to unlock value and close the discount", Van Dijk said. However, the process would not be easy if Naspers decided to go ahead with that option. "It's not straightforward. There are a number of considerations, for example, licence conditions and our Phuthuma Nathi [MultiChoice's black empowerment vehicle] shareholders," Van Dijk said. "Whether it's the right thing t...
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