Naspers has publicized intentions to list on the Euronext Stock Exchange in the Netherlands. In a recent circular, Naspers reported plans to list its international internet assets on Wednesday 17 July 2019. This listing will make it Europe’s most valuable consumer internet business on Euronext.
Naspers intends to list 27% of its new global consumer internet group (NewCo) through a capitalization of shares to its shareholders. The NewCo comprise all of Nasper’s internet assets outside South Africa which includes investments in Fintech, food delivery, e-commerce, travel, education, etc.
These assets include mail.ru, OLX, Avito, letgo, PayU, iFood, Swiggy, Delivery Hero, Udemy, eMAG, and MakeMyTrip. They also own 31% stake in Tencent, a good deal signed as far back as 2001. Naspers sold $10 billion of its Tencent shares in 2018.
Listing on Euronext, according to the company, will reduce structural barriers, expand the business, and create value for shareholders. Current shareholders will be given the option to get 1 NewCo share for each share they own. This listing follows the unbundling of MultiChoice Group which fetched $3.5 billion for Naspers shareholders in March. The CEO, Bob van Dijk said that the listing of NewCo will present an attractive opportunity to global investors.
Naspers is a broad-based multinational internet and media group. it has been listed on the Jo’burg Stock Exchange in South Africa since 1994. South African shareholders constitute 40% of the total shareholder base in the company.
The company will still remain the largest South African company on the JSE by market capitalization. Before listing, shareholders will need to approve the process in a meeting on 28th June 2019.
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