Naspers to kick off prospectus for Prosus listing

Naspers will embark on a tour to educate prospective shareholders about its newly approved listing of Prosus on Amsterdam-based stock exchange, Euronext, said Chief Financial Officer Basil Sgourdos.

The listing was approved by shareholders attending a special meeting after the company's annual general meeting in Cape Town on Friday. The company said 95.51% of the N ordinary shareholders voted in favour of the transaction, and 100% of A ordinary shareholders voted in favour of the transaction.

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Prosus is now expected to list on Euronext in early September. Sgourdos told Fin24 in an interview that the multi-national internet and media group appreciated the "resounding vote of confidence" from shareholders as an exciting development in the company's history.

Sgourdos said more details on the transaction and a prospectus would be published and available on Monday.

"We will now go on the road to talk to potential new shareholders to educate them on Prosus. That should go for a week and a half. By September 11, Prosus is expected to list on Euronext and shareholders will still have an opportunity to decide on what to do with their shares," said Sgourdos.

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Naspers Group CEO Bob van Dijk in a statement released on Friday, said the company was on track to list its international internet assets as Prosus on September 11. The listing would allow Naspers to present a "new and attractive opportunity" for global tech investors to access its portfolio of internet businesses.

"The listing is also designed to reduce our weighting on the Johannesburg Stock Exchange (JSE) which we believe will maximise shareholder value over time. We would like to thank our shareholders for their strong support and conviction for Prosus and we look forward to finalising the listing in the coming weeks," said van Dijk.

Naspers expects to own at least 73% of Prosus with a free float of up to 27% created through a capitalisation issue of Prosus shares to Naspers shareholders. Naspers will retain its primary listing on the JSE, according to the statement.