Shares in Naspers and its spinoff Prosus tumbled on Monday after a report said Tencent Holdings faces a record fine in China.
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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.
Tencent denied talk that it’s facing a major regulatory crackdown in China, issuing an unusually aggressive public response. Shares in Naspers still tanked.
Austria-based education technology start-up GoStudent has raised €300-million in a new round of funding led by Prosus.
Prosus CEO Bob van Dijk has purchased about $10-million of the company’s shares on the open market.
MTN Group had a barnstorming 2021. The telecommunications group, despite its size, was the best performer among technology shares in South Africa last year.
Tencent will hand a R258-billion JD.com stake as a dividend to its shareholders, raising questions about its plans for other holdings.
South Africa recorded R557.9-billion of foreign direct investment inflows in the third quarter of 2021.
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.