One motivation for spinning off Prosus was to narrow that value gap. In the food and delivery sector, it owns stakes in Delivery Hero, Takeaway.com, Latin America's iFood, and India's Swiggy. "Part of the reason for that discount has really been the way that Naspers has become ever more significant to the South African all share index.".
The stake in Tencent, the world’s biggest videogame company and home to China’s hugely popular WeChat social media platform, is now worth $130 billion and has buttressed Naspers’ rapid growth towards becoming Africa’s most valuable listed company. “It’s going to be an interesting hour of trade after opening this morning.”. It will be a US$100bn+ market cap company with a free float of at least US$17bn+. There is "way more demand than is even available, so that’s good," said the CEO of Euronext Amsterdam, Maurice van Tilburg. Toby Sterling. Prosus comprises Naspers' global empire of consumer internet assets, with the jewel in the crown a 31% stake in Chinese … Graphic: https://fingfx.thomsonreuters.com/gfx/mkt/12/5720/5670/Prosus.png. AMSTERDAM (Reuters) - Shares in Prosus, a spin-off from Naspers that includes the e-commerce group's 31% stake in Chinese tech giant Tencent, surged more than 25% on their stock market debut in Amsterdam on Wednesday, creating one of Europe's largest internet companies. However, he criticized Naspers' decision to maintain a two-class share structure which gives its biggest shareholders extra voting rights in some circumstances. (Graphic: European technology sector's market cap - ), Prosus also has stakes in fast-growing food delivery, social media and payments companies in China, India, Brazil and Russia. [See Factbox: nL5N26118H]. Prosus comprises Naspers’ global empire of consumer internet assets, with the jewel in the crown a 31% stake in Chinese tech titan Tencent. Prosus comprises Naspers' global empire of consumer internet assets, with the jewel in the crown a 31% stake in Chinese tech titan Tencent. WTO has leadership dilemma, Exxon to cut 14,000 jobs as pandemic hits oil demand, ECB policymakers debated more bond purchases, bank loans - sources, ECB eyes more bond buys, cheap loans in December as pandemic hits, Cenovus Energy CEO 'not worried' about Husky deal approval as results disappoint, Shell raises dividend as CEO says oil output past peak, U.S. economy posts record growth in third quarter; COVID-19 scarring to last. One motivation for spinning off Prosus is to narrow that value gap. The spin-off in Amsterdam marks the end of an era for Naspers as it looks to move beyond the legacy of former Chief Executive Koos Bekker’s prescient investment of just $34 million in Tencent when it was a startup in 2001, one of the most lucrative bets in corporate history. The Tencent stake has been worth more than Naspers itself for years, and dominated the $103 billion group’s finances. Euronext had given an indicative price of 58.70 euros per share for Prosus, implying a market value of 95.3 billion euros ($105 billion). Euronext had given an indicative price of 58.70 euros per share for Prosus, implying a market value of 95.3 billion euros ($105 billion).
The stake in Tencent, the world's biggest videogame company and home to China's hugely popular WeChat social media platform, is now worth $130 billion and has buttressed Naspers' rapid growth towards becoming Africa's most valuable listed company. Prosus also has stakes in fast-growing food delivery, social media and payments companies in China, India, Brazil and Russia. The Prosus listing should see about a quarter of Naspers' value move to Amsterdam. Prosus becomes the third-largest stock on the Amsterdam exchange after Shell and Unilever, and Europe's No.2 tech firm after Germany's SAP . Jasper Jansen, an analyst at the Dutch shareholders’ rights group VEB, said he welcomed the listing of Prosus. European players are still, however, dwarfed by the likes of Facebook and Amazon in the United States. Naspers spun off around 25% of Prosus to its shareholders, and is retaining roughly 75% ownership. The spin-off marks the end of an era for Naspers as it looks to move beyond the legacy of former CEO Koos Bekker's prescient investment of just $34 million in Tencent when it was a startup in 2001, one of the most lucrative bets in corporate history. For the fiscal year ended in March 2019, Prosus reported a 15% rise in revenue to $2.65 billion, and its operating loss narrowed to $418 million from $615 million. Naspers will retain a stake of about 25% in Prosus, with the other 25% distributed to Naspers shareholders and making up the free float. Prosus' net profit was $4.25 billion, thanks to a $1.6 billion windfall on its sale of a 10% stake in Flipkart to Walmart. "The idea with today's listing is emphatically that we find a new generation of investors here, on the Euronext, for our further growth," he added, referring to the Amsterdam exchange. Naspers will retain a stake of about 25% in Prosus, with the other 25% distributed to Naspers shareholders and making up the free float. [See Factbox: nL5N26118H]. 4 Min Read. "Obviously for South African fund managers that creates a massive concentration risk, especially those that manage pension funds," he said. Naspers spin-off Prosus surges 25% on market debut in Amsterdam . Euronext had given an indicative price of 58.70 euros per share for Prosus, derived from Naspers' value in Johannesburg. Prosus accounts for its Tencent stake as an "equity accounted investment", which added $3.41 billion euros to 2019 pre-tax profit. "We love the fresh blood - finally there's a real company listing here that’s active in the new economy," he said. Prosus (PROSUS NA) will begin trading on Euronext Amsterdam on 11th Sep 2019 after being spun out of Naspers (NPN SJ). Prosus accounts for its Tencent stake as an “equity accounted investment”, which added $3.41 billion euros to 2019 pre-tax profit. Prosus also has stakes in fast-growing food delivery, social media and payments companies in China, India, Brazil and Russia.
The Prosus listing should see about a quarter of Naspers’ value move to Amsterdam. Our Standards: The Thomson Reuters Trust Principles. Prosus' net profit ended up being $4.25 billion, thanks to a $1.6 billion windfall on its sale of a 10% stake in Flipkart to Walmart. The spin-off in Amsterdam marks the end of an era for Naspers as it looks to move beyond the legacy of former Chief Executive Koos Bekker's prescient investment of just $34 million in Tencent when it was a startup in 2001, one of the most lucrative bets in corporate history. AMSTERDAM (Reuters) - Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday. “We love the fresh blood - finally there’s a real company listing here that’s active in the new economy,” he said. For the fiscal year ended in March 2019, Prosus reported a 15% rise in revenue to $2.65 billion, and its operating loss narrowed to $418 million from $615 million. In the food and delivery sector, it owns stakes in Delivery Hero, Takeaway.com, Latin America's iFood, and India's Swiggy. (Reporting by Toby Sterling; Editing by Susan Fenton and Mark Potter), Genprex : Shares Rise 13% After FDA Accepts Reqorsa Name for Cancer Treatment, Moderna on track to report late-stage COVID-19 vaccine data next month, eBay Down Over 9%, on Pace for Largest Percent Decrease Since July 2018 -- Data Talk, Nokia Oyj : Corporation Corporation Interim Report For Q3 And January-September 2020, AIXTRON : Warburg Research reiterates its Neutral rating, SYMRISE AG : Baader Bank reiterates its Buy rating, https://fingfx.thomsonreuters.com/gfx/mkt/12/5720/5670/Prosus.png, Bank of Canada keeps some dry powder as Ottawa spends, Super Bowl Champion Jeron Johnson has signed on as an Ambassador for CBD Move Free, Wall Street rebounds ahead of tech earnings, upbeat U.S. data helps, American Express to invest $1 billion in diversity push, Thwart U.S. veto or await new president? See here for a complete list of exchanges and delays. There is “way more demand than is even available, so that’s good,” said the CEO of Euronext Amsterdam, Maurice van Tilburg. For the fiscal year ended in March 2019, Prosus reported a 15% rise in revenue to $2.65 billion, and its operating loss narrowed to $418 million from $615 million a year earlier.
Prosus comprises South African group Naspers' global empire of consumer internet assets, including the stake in Tencent, the … However, he criticized Naspers' decision to maintain a two-class share structure system which gives its biggest shareholders extra voting rights in some circumstances.
The period for Elections for Naspers N Ordinary Shares (instead of Naspers M Ordinary Shares and, ultimately, Prosus N Ordinary Shares) will close at 12:00 (SAST) on Friday, 13 September 2019 (the Record Date).Shareholders holding Naspers N Ordinary Shares in dematerialised form are required to notify their CSDP or broker if they wish to make an Election in the manner and time … "The listing is also designed to reduce our weighting on the Johannesburg Stock Exchange, which we believe will maximise shareholder value over time.". However, he criticized Naspers’ decision to maintain a two-class share structure system which gives its biggest shareholders extra voting rights in some circumstances. "We love the fresh blood - finally there's a real company listing here that’s active in the new economy," he said. The stake in Tencent is now worth $130 billion and has buttressed Naspers' rapid growth towards becoming Africa's most valuable listed company. That would make Prosus the third-largest stock on the Amsterdam exchange after Shell and Unilever, and Europe's No.2 tech firm after Germany's SAP.
Naspers spin-off Prosus surges 25% on market debut in Amsterdam.
With around 1.6 billion shares registered, that implies a market capitalisation for Prosus of around 119 billion euros ($131 billion), close to the market value of its Tencent stake. All quotes delayed a minimum of 15 minutes. European players are still, however, dwarfed by the likes of Facebook and Amazon in the United States. The Tencent stake has been worth more than Naspers itself for years, and dominated the $103 billion group's finances. "Essentially you know you've been buying into Naspers and getting the 31% stake in Tencent, and then the rest of the business you're getting for free," said Morningstar analyst Johann Scholtz. Jasper Jansen, an analyst at the Dutch shareholders' rights group VEB, welcomed the listing. "We believe Prosus will present a new and attractive opportunity for global tech investors to access our unique portfolio of internet businesses, providing a strong foundation for our future growth plans," said Naspers' CEO Bob van Dijk.
Naspers & Prosus IPO/Spin-Off Part III – The Dreaded Discount and Implied Valuations . The shares jumped to 76 euros on opening and were trading at 75 euros at 0719 GMT. Van Dijk responded that the company did not expect to exercise extraordinary voting rights - which would become active if Naspers' stake in Prosus fell below 50% - in the foreseeable future. The shares jumped to 76 euros on opening and were trading at 75 euros at 0719 GMT. 0. In the food and delivery sector, it owns stakes in Delivery Hero, Takeaway.com, Latin America’s iFood, and India’s Swiggy. Prosus’ net profit ended up being $4.25 billion, thanks to a $1.6 billion windfall on its sale of a 10% stake in Flipkart to Walmart. European players are still, however, dwarfed by the likes of Facebook and Amazon in the United States. The Tencent stake has been worth more than Naspers itself for years, and dominated the $103 billion group's finances. Shares in Naspers, which is retaining a controlling 75% stake in Prosus, fell a corresponding 31% in Johannesburg, acting similar to a share that has gone ex-dividend. 09/11/2019 | 04:52am EDT *: *: * AMSTERDAM (Reuters) - Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday. “The listing is also designed to reduce our weighting on the Johannesburg Stock Exchange, which we believe will maximize shareholder value over time.”.
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