Tencent investor Prosus – the spinoff of JSE-listed technology and media conglomerate Naspers – is placing its bet on India as the next big technology market.
Browsing: Basil Sgourdos
Naspers’s high-voting A shares once again ensured that all of the resolutions at Wednesday’s AGM were passed, despite hefty opposition from the N shareholders.
Prosus said its e-commerce business grew revenues and shrank trading losses for the year that ended 31 March, even as its overall profit continued to be dominated by its investment in Chinese technology giant Tencent.
For now, Naspers and Prosus CEO Bob van Dijk has managed to figure out a short-term fix for his problem. Eventually he’ll need to think longer term. By Alex Webb.
Ultimately, investors may have to learn to live with the valuation gap between Naspers and Tencent. And management may have to ignore complaints about it and focus on growing Prosus’s investments.
Naspers’s European-listed Internet investment holding company Prosus announced on Friday that it plans to acquire up to $5-billion in both Naspers and Prosus shares in a massive share buyback programme.
A Naspers shareholders’ meeting is, appropriately enough, more like the annual gathering of China’s rubber-stamp parliament, the National People’s Congress.
It would be interesting to speculate how many people who, after reading the Prosus and Naspers results for the year to March, are thinking the same thing: would Warren Buffett invest in either company?
Bob van Dijk, CEO of Naspers and its European-listed spin-off Prosus, received remuneration of US$15.98-million, or R276-million, in the past year, according to the Naspers annual report published on Tuesday.
Media and e-commerce group Naspers on Monday reported a 4.5% drop in profit for the year to 31 March, mainly as a result of investments to drive growth in its food delivery business.