The market hardly gave Naspers a round of applause for proposals to unbundle and separately list its video entertainment group MultiChoice on the JSE. The tech conglomerate’s share price, at midday on Tuesday, was largely unmoved. One suspects that a rousing ovation would be reserved only for when Naspers unbundles its 31% stake in Chinese internet giant Tencent — an event unlikely to transpire any time soon, or ever. Technically, the move should be welcomed as shareholders now have a chance to unlock value from part of Naspers’s so-called rump — outside of the Tencent investment — that has been slapped with a negative valuation by the market. But judging from the initial reaction, the market appears to be in two minds. Some punters hold that Naspers is handing over an ex-growth entertainment dinosaur to shareholders; others argue that investors should appreciate the group’s cash flow prowess and African expansion opportunities. The MultiChoice listing — set for early next year — wi...

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