Ten cents for your thoughts
Naspers hits back at investors critical of its hefty discount
Share buybacks, unbundling Tencent, listing its underlying companies, moving its primary listing ... what investors want
Naspers CEO Bob van Dijk has hit back at a shareholder who acccused him of destroying R600bn in shareholder value since his appointment three and a half years ago. Albert Saporta, a director of Geneva-based investment advisory firm AIM&R, which has a small stake in the Internet holding company, wrote a critical open letter to Van Dijk last week. This is the second letter written by Saporta, who wants the company to spin off its 34% stake in China’s Tencent to shareholders. In response, Van Dijk told the Financial Mail that it was unfortunate that Saporta did not attend Naspers’s December 12 investor day in New York "and take advantage of the opportunity to engage with management on the matter or make any other attempts to engage with us directly. "We would be more than happy to have a conversation with Saporta should he want to engage with us directly," Van Dijk said. Owing to its stellar Tencent-fuelled rise, Naspers is grappling with a unique problem: the company has outgrown its ...
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