Prosus and Naspers have announced a $5bn (R81bn) share buyback, which is the JSE's largest ever - and will see the group bring back to SA a chunk of the cash it has earned from its successful international foray of the past three decades.
The group, which is trading at a 50% discount to its underlying net asset value and has $10bn of gross cash on its balance sheet, made it clear on Friday it believes a buyback is a sensible way to put its cash to use, giving its shareholders a greater stake in its existing internet assets at a time when the Covid crisis has driven up valuations of potential new acquisition targets...
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