Naspers (NAPRF), the South African media company that hit the jackpot with an early investment in Tencent (TCEHY), on Wednesday spun out its … 22 December 2020 Share this story linkedin facebook ... | December 22, 2020 As a result, Naspers traded at a discount of about 30%-35% of the value of its assets, said Jean Pierre Verster, founder and CEO of Protea Capital Management. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. This new group to be listed on Euronext Amsterdam will be called Prosus. Omnia +32%. Prosus shares soared 26% by the close, boosting its market value to €120 billion ($132 billion). The deal also carries some risk for Naspers. In Figure 2 below, we highlight Naspers’ discount range since the Prosus plan was announced. In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. Here's why they're on Parler, Watch this 'infinite' music video of Billie Eilish's 'Bad Guy', Here's how Prop 22 could transform the gig economy, Watch astronauts arrive at International Space Station, See Apple's new Macbooks with the M1 chip, Watch: People travel in Virgin Hyperloop for the first time, An online movement has these Trump supporters convinced the election was stolen. Prosus will hold assets, including a 31 percent stake in Chinese internet giant Tencent Holdings, worth about $125 billion (R1.84 trillion). Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Figure 2: Naspers’ historic discount to NAV since Prosus listing announcement: Source: Bloomberg, Anchor. Naspers plans to list Prosus on Euronext Amsterdam along with a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa on Wednesday 11 September 2019. They appear in a number of places throughout this announcement, the Prospectus and the Abridged Pre-listing Statement, and include statements that reflect the Company's and/or Prosus's intentions, beliefs or current expectations and projections about the Prosus Group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Naspers Group and/or the Prosus Group operates. In research on Smart Karma on January 22, Artherton points out that direct investment in Tencent since the Prosus listing would have outperformed buying either Naspers or Prosus. Prosus also gives funds restricted to investing in European-listed companies the opportunity to get exposure to China's internet sector for the first time, Verster added. Both Naspers and Prosus are trading far below their net asset value. The transaction is due to take place on 11 September 2019. Most stock quote data provided by BATS. Prosus has a listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. Prosus has a listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. It should become clearer to investors how its other bets are performing, which could determine whether the discount on the stock narrows further. Prosus Euronext listing On 25 March 2019, Naspers announced its intention to list its international internet assets on Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange in South Africa. Factset: FactSet Research Systems Inc.2018. The holding—now worth $130 billion, according to Reuters—not only dominates Prosus' portfolio, but is the main reason behind its creation. All rights reserved. Naspers’ share price grew by 30% this year. Disclaimer. (Updates with company comment in third, CFO starting in sixth paragraph. The firm owns 2.2% of Naspers. As of February 10, the Naspers discount to NAV was 42.6%, at the upper end of its … Naspers has previously sold stakes in Indian. The listing by South African media conglomerate Naspers of assets including part of its Tencent stake via the new Prosus vehicle in Amsterdam in September was heralded as a way to reduce the deep discount to net asset value (NAV) at which Naspers shares trade.. Here's why, See Walmart's self-driving delivery trucks in action, This robotaxi from Amazon's Zoox has no reverse function, Watch: Airbnb founder stunned on live TV by stock price, Hear Ashton Kutcher's plea to lawmakers on proposed child abuse legislation, These Trump supporters say big tech is biased. It accounted for 25% of the combined value of the 40 biggest companies on the Johannesburg Stock Exchange — up from 5% just five years ago. This new group to be listed on Euronext Amsterdam will be called Prosus. Shares in the company were reported to have "soared on debut." … Updated 1647 GMT (0047 HKT) September 11, 2019. There should be a discount to listed net asset value (NAV) of about 25% for Prosus and about a further 20% for Naspers, says Malan. The listing of Prosus is a significant event for the JSE and Naspers, as it will see the unbundling of the group’s international internet businesses, including its 31% stake in Tencent. Naspers media statement: The board of Prosus today announced its intention to acquire up to US$5 billion in total of Naspers and Prosus shares. 8 December 2020 More news. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. The new group listed on Euronext Amsterdam on 11 September 2019 and is called Prosus. Naspers half year results for the six months ended 30 September 2020. Prosus Euronext listing On 25 March 2019, Naspers announced its intention to list its international internet assets on Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange in South Africa. On 25 March 2019, Naspers announced its intention to list its international internet assets on Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange in South Africa. That forced investors to sell Naspers' shares so they weren't overly exposed to a single stock. Naspers expects to own at least 73% of Prosus and the free float is expected to be up to 27%, created by Naspers through a capitalisation issue of Prosus shares to Naspers shareholders (as described below). A scathing new assessment says last year’s Prosus listing by Naspers has done more to ruin value than create it. Naspers sought the listing in part to open up its companies to a wider range of investors than those operating in South Africa's capital markets. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. Prosus shares have slumped 16% since their September listing, valuing the Naspers unit at about $112.6 billion. Prosus. Naspers owns 72.66% of Prosus, which trades in Amsterdam. The bleeding finally stopped at the fertiliser and chemicals group this year. Following the Prosus listing, Naspers' weighting in Johannesburg's top 40 should fall to around 18%-19%, said Verster. Tencent, which owns the WeChat messaging platform and a host of payment apps and mobile games, is one of China's largest technology groups. This new holding will be named Prosus N.V . Naspers targets Wednesday 11 September 2019 for Prosus listing Naspers today published a circular convening the Extraordinary General Meeting (EGM) for shareholders to vote on the resolution to proceed with its intention to list its international internet assets as Prosus on Euronext Amsterdam as well as a secondary, inward listing on the JSE. We invest in talented founders and companies with the ambition to expand globally Ventures. That's where the move to Amsterdam should help. It follows earlier actions such as the unbundling of MultiChoice Group and the listing of Prosus on Euronext Amsterdam last year. Even when Tencent is excluded, Naspers has delivered returns of more than 20% a year, considerably outperforming most equity markets, said Ruan Stander, a portfolio manager at Cape Town-based asset manager, Allan Gray. This is a further step to crystalise value for shareholders. Omnia's share price. BL PREMIUM . Technology investor Naspers expects to report a drop in earnings due to the listing of subsidiary Prosus in Amsterdam in 2019, which has decreased the amounts it … Called Prosus, the company was worth €95 billion ($105 billion) at listing, making it the biggest consumer tech stock in Europe and the second biggest tech company in the region behind German software group. More info, A Euronext Amsterdam listing is expected to attract incremental tech investor capital which is well-aligned to our growth ambitions, Taking actions to address market dynamics. All rights reserved. Naspers Ltd. dropped 2.2% to drag the overall market lower. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the Johannesburg Stock Exchange (XJSE:PRX), and is majority owned by Naspers. But the windfall gains created a headache for Naspers. It's now going to focus on growing global businesses in online classifieds, food delivery, and payments and fintech, van Dijk said. London (CNN Business) Europe has a new tech giant. On 11 September 2019, Prosus's ordinary shares were listed on Euronext Amsterdam and, as a secondary inward-listing, on the Johannesburg Stock Exchange. Naspers Ltd. on Monday posted lower earnings for the first half of fiscal 2021 as the flotation of its Prosus subsidiary resulted in a lower contribution to the parent group. We recruit the world's best talent to build outstanding companies and products Careers. Naspers will retain its primary listing on the JSE. We believe the new listing will also help to reduce Naspers' outsized weighting on the JSE which has been caused by the group's rapid growth. Prosus, he argues, is simply Naspers by another name. Naspers On the day it listed on the Euronext exchange in Amsterdam, Prosus – the international listing of South Africa's Naspers – became the largest consumer internet company in … "The listing of their classifieds business under the OLX brand could be the next step," said Charl Wolmarans, an analyst at Avior Capital Markets in South Africa. SENS: Update on Prosus share repurchase and Naspers share purchase. Naspers Ltd. received enough votes from shareholders to proceed with an Amsterdam listing of assets including a $125 billion stake in Chinese internet giant Tencent Holdings Ltd. All times are ET. Naspers will continue to own at least 73% of Prosus, which also holds other technology assets, Naspers estimates that demand from passive investors for shares in Prosus could total as much as $3 billion, following the stock's inclusion in a number of large global indexes. Source: Sharenet. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. 10 September 2020 - 05:00 Rob Rose. What type of discount is the market implying for Prosus and Naspers post the Prosus listing? Chinese tech giant could buy stake in Universal Music Group, Zoom's founder says he 'let down' customers. “The idea of narrowing the discount to NAV has spectacularly failed,” he wrote. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Naspers: Listing of Prosus N Ordinary Shares on Euronext Amsterdam and the JSE Not for Release, Publication or Distribution, in Whole or in Part, in or … London (CNN Business)Europe has a new tech giant. Investment from actively managed European, growth and technology funds is expected to top that, Naspers CEO Bob van Dijk said in a. In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. Subsequent to its IPO, Prosus is majority owned by Naspers and is the largest consumer internet company in Europe by asset value. Yet five months later, the discount persists. Naspers intends to list its international internet assets on Euronext Amsterdam with a secondary inward listing on the Johannesburg Stock Exchange (JSE). We believe that opening up investment to a broader category of investors while reducing our JSE weighting will help to maximise shareholder value over time. View all details relating to the listing of Prosus on the Euronext Amsterdam here. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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