Naspers to list internet interests outside of SA on Euronext Amsterdam and JSE
The interests will be listed under Prosus, which will be one of the largest technology investors worldwide.
Naspers plans to list Prosus on Euronext Amsterdam along with a secondary inward listing on the Johannesburg Stock Exchange (JSE) in South Africa on 11 September 2019.
In a statement released by the company, Naspers said that it would give shareholders a chance to vote on the “resolution to proceed with its intention to list its international internet assets as Prosus” at the Extraordinary General Meeting (EGM) taking place on 23 August 2019.
Naspers expects to own at least 73 percent of Prosus, which will be a global consumer internet group and one of the largest technology investors in the world, and is “likely to become Europe’s largest listed consumer internet company by asset value”.
Prosus will comprise all of Naspers’s internet interests outside of South Africa, including its companies and investments in the online classifieds, payments and fintech, food delivery, etail, travel, education, and social and internet platforms sectors, among others.
These assets are some of the world’s leading and fastest-growing internet brands, such as Mail.ru, OLX, Avito, letgo, PayU, Tencent, iFood, Swiggy, DeliveryHero, Udemy, eMAG, and MakeMyTrip.
According to the Naspers statement, Prosus will be a strategic investor and operator, aiming to build leading technology companies that improve people’s daily lives in high-growth markets.
The listing of Prosus on Euronext Amsterdam is expected to reduce significant structural barriers for shareholder ownership of Naspers, and represents another major step by management to pursue continued growth, helping to maximise shareholder value over time. This action follows the unbundling of MultiChoice Group in March, which unlocked approximately US$3.5 billion for Naspers shareholders.
Naspers CEO Bob van Dijk said:
“Following the delay to the original timing, I am pleased that the listing of Prosus is on track to be completed in September. It’s a significant step for Naspers and will present a new opportunity for global internet investors to access our unique portfolio of international internet assets, with incremental investment creating a strong platform for our future growth ambitions. At the same time, the listing is designed to reduce our weighting on the JSE, which will address unhelpful market dynamics for our shareholders. We, therefore, believe the listing will help us maximise shareholder value over time.”
After the listing of Prosus on Euronext Amsterdam, Naspers will remain the largest South African company listed on the JSE by market capitalisation and will continue to invest in South Africa.