Naspers sells R24bn of Prosus shares to invest back in SA

Business

Naspers sells R24bn of Prosus shares to invest back in SA

Large portion will go to startup fund earmarked for funding SA-focused technology businesses

Karl Gernetzky and Mudiwa Gavaza

Naspers, Africa’s most valuable company, sold €1.5bn (R24bn) worth of shares in its consumer internet subsidiary Prosus on Wednesday, intending to repatriate the proceeds to SA to buy back its own shares.

None of the proceeds raised from the placing will be received by Prosus, and all of the proceeds received by Naspers, net of expenses and costs, will be repatriated to SA as required by the Reserve Bank, the group said.

“We have an obligation to the government, and the idea really is to use the proceeds to deal with that obligation,” Naspers SA CEO Phuti Mahanyele-Dabengwa said. She was speaking to Business Day on the sidelines of the World Economic Forum in Davos, Switzerland...

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