South Africa’s largest technology and media group, Naspers, has announced it will provide R1.5-billion in emergency aid to the fight against the Covid-19 pandemic in the country.
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The Competition Tribunal has blocked Naspers’s plan to buy WeBuyCars. This comes after the Competition Commission moved to prevent the R1.4-billion acquisition of a 60% stake in the company.
South Africa’s biggest online shopping site, Takealot.com, hopes to keep operating through the three-week Covid-19 lockdown, which starts on Friday.
Naspers affiliate Tencent picked up millions of new gamers during the global coronavirus outbreak. That helped the company gain $25-billion of market value up to 5 March, before a global market rout torpedoed the stock.
South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off.
Naspers’s Prosus, through its OLX Brazil business, has agreed to spend R9.9-billion to buy Grupo ZAP, described as one of the fastest-growing technology companies in the South American country.
Naspers-controlled Internet investment firm Prosus is leading a $113-million (R1.7-billion) funding round in Swiggy, India’s largest food delivery platform.
Naspers plans to sell about 22 million shares in Prosus to increase the free float of its European-listed Internet spin-off.
Uber Technologies will sell Uber Eats in India to local rival Zomato in a $172-million deal, underscoring the ride-hailing giant’s effort to cut back on loss-making operations.
Ka-ching! Naspers CEO Bob van Dijk just made a cool R1-billion through the sale of shares in the group. However, he intends to reinvest most of the proceeds back into the group in the form of bonds.