Naspers, the South African tech investor, is spinning off its main internet businesses and listing them in Amsterdam in a push to boost its valuation.
Naspers, which has a primary listing on the Johannesburg Stock Exchange, plans to list the internet businesses that aren’t based in South Africa - making up the bulk of the company - on the Euronext Amsterdam.
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The Amsterdam listing is the next step of Naspers Chief Executive Officer Bob Van Dijk’s plan to try to reduce the gap between the company’s market value of about R1.41 trillion rand ($97.9 billion) and its holding in Chinese tech giant Tencent.
Naspers’s position in Tencent, the largest at 31%, is worth about $133 billion.
Naspers, which accounts for about a fifth of the weighting on the Johannesburg Stock Exchange, has seen its value ebb and flow with the limits of South African institutional investors and emerging market sentiment.
The businesses include its stake in Tencent, as well as holdings in Russian internet platform Mail.Ru, German food delivery business Delivery Hero and Indian e-commerce startup Swiggy.
The spinoff, to initially be called NewCo, is expected to be 75% owned by Naspers, with the rest a free float.
* Fin24 is part of 24.com, a division of Media24, which is a subsidiary of Naspers.
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