The JSE has a mixed bag of truly international companies. BHP, for example, was listed on the JSE after Brian Gilbertson engineered a merger with the rump of his Gencor mining house, by then known as Billiton, with Australia’s BHP. Yet today the mining powerhouse has no SA assets.

Naspers might have started life as a purely domestic company with the highly profitable magazine Huisgenoot its largest profit centre 40 years ago, but it is now dominated, if not dwarfed, by the phenomenal Chinese internet giant Tencent, in which it has a holding...

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