Takealot Group has built a powerful platform that will stand it in good stead in an increasingly competitive market, said Naspers CEO Bob van Dijk.
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Prosus expects to write off the equivalent of R11.8-billion and has asked its directors on the board of social media platform VK to resign.
Prosus CEO Bob van Dijk has purchased about $10-million of the company’s shares on the open market.
Prosus plans to invest further in its fast-growing online car dealership business, expanding an e-commerce empire that already includes payments, food delivery and education.
Naspers first-half profit climbed 11%, driven by a large contribution from Chinese Internet giant Tencent.
Naspers and Prosus, the European-listed spin-off of Naspers, have appointed Ervin Tu as group chief of investments, strategy and mergers & acquisitions of both companies.
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.
Naspers spin-off Prosus is planning to expand its grocery services using “dark stores” as competition booms in the global market for food delivery.
A Swiss-based investment management firm says the proposed share swap between Naspers and Prosus is an “idiotic idea” that is certain to increase the discount with 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.