There was little sign that anyone contemplating investing in Prosus at its recent Amsterdam debut was thinking in terms of risk. The price of Naspers’s internet tech spin-off, dominated by China-based Tencent, ended its first day at levels well ahead of expectations.

London-based Olivetree Financial believes, if handled well, the Prosus discount to NAV could narrow to an acceptable 15%-20%. Disclosure is improving and the Amsterdam listing might attract international tech investors who shied away from an SA trade.

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