BULL’S EYE: It’s kyk-weer all over again for Naspers
With all the global internet holdings hived off into Prosus, and MultiChoice on its own, what is left?
Now that Naspers (https://www.sharenet.co.za/v3/quickshare.php?scode=NPN) has shed its sexiest bits, given them a Dutch accent, and put them in Prosus (https://www.sharenet.co.za/v3/quickshare.php?scode=PRX), the company looks somewhat like the print-driven jalopy of 40 years ago. Naspers was heading that way after MultiChoice got its own JSE listing in February, but these days you have to lift the bonnet, fiddle with a few wires and maybe hit it with a spanner to see what makes it tick.
It was no surprise that most Naspers shareholders wanted to receive Prosus shares after the Amsterdam listing – rather than more Naspers shares as compensation for the split. Global consumer internet investments that include a 31% chunk of the golden goose Tencent, held under the Prosus umbrella, are somewhat more alluring than the rump of the Naspers operation that remains in SA.
Naspers holds about 74% of Prosus, so as a JSE shareholder in the SA media company you still get plenty of offshore exposure. But what else do you get?..