In the lunchbox that is Naspers, the other snacks have for years looked unappetising next to a gourmet vetkoek called Tencent.

This week, CEO Bob van Dijk for the first time pinned a value on the rest of those e-commerce assets under the lid. And it’s not peanuts. He reckons the portfolio, excluding the vetkoek, is worth $39bn (nearly R600bn)...

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