Naspers and its Amsterdam-listed subsidiary Prosus this week released a record set of year-end results - but few in the market took much notice, with all the focus on the controversial swap deal that the group has proposed as it attempts, yet again, to reduce its dominance of the JSE and so improve the rating of its shares.And with a crowd of local fund managers launching fierce attacks on the convoluted deal, as well as on Naspers/Prosus management, the group raised a fresh defence this week, reiterating that if nothing is done the discounts at which the shares trade to their underlying value will grow even wider. Selling down or unbundling its stake in Chinese internet giant Tencent, as some shareholders want it to do instead, is simply "not doable".Cape Town-based Naspers would have to pay capital gains tax of $50bn (R707bn) if the group were to distribute its 29% stake in Tencent to shareholders, said Naspers/Prosus finance director Basil Sgourdos. And most of the shares wo...

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