The dominance of Naspers over the South African stock market is about to be reduced – partially at least. And that’s good news for a number of fund managers.
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When Naspers’s Latin America chief cold-called Alec Oxenford in 2010, he got straight to the point: he wanted to buy a majority stake of the Argentinian entrepreneur’s online classifieds business.
Apple, one of the most cash-rich companies in the world, is still looking to get a piece of the ultra-cheap money that’s up for grabs in the bond market.
Shares in JSE-listed technology company Mustek leapt higher on Wednesday after it told shareholders it expects full-year headline earnings per share to be as much as 38% higher than a year ago.
Three investment banks – Goldman Sachs, JPMorgan and Morgan Stanley – will be paid €7.2-million each for their roles as lead financial advisors in Naspers’s listing of Prosus in Amsterdam.
Naspers said a newly created entity containing assets including a stake in Chinese internet giant Tencent Holdings will be valued at about $100-billion (R1.5-trillion).
Not all shareholders are perfectly happy with Naspers at the moment, which made the group’s AGM on Friday a livelier affair than usual.
Naspers is looking to invest in machine learning as Africa’s largest company seeks to expand following an Amsterdam listing of assets including a stake in Tencent Holdings.
Naspers has received enough votes from shareholders to proceed with an Amsterdam listing of assets including a R1.9-trillion stake in Chinese Internet giant Tencent Holdings.
The threat of an International Monetary Fund bailout, unthinkable a few years ago, may force South Africa’s government to push through the reforms it needs to rescue the economy.