World News: 06:39 GMT Wednesday 11th September 2019. [Yahoo Business News Feed via SPi World News]
(Bloomberg) -- Naspers Ltd. is all set to list internet assets including Tencent Holdings Ltd. in Amsterdam after valuing the newly created group at about 95 billion euros ($105 billion).New entity Prosus NV will have 1.62 billion shares priced at 58.70 euros each when it debuts at 9 a.m. on Wednesday, according to a statement from the Euronext stock exchange. The firm will become the Netherlands’ third-largest listed company, behind Royal Dutch Shell Plc and Unilever NV.Naspers will retain 73% of the new company, which will house everything from a 31% stake in Chinese online giant Tencent to food delivery and advertising firms from the U.S. to India and Brazil. Africa’s biggest company by market value built up the portfolio of global assets after investing in Tencent as a startup, turning a $32 million outlay into a stake currently worth $128 billion.Read More: Investor’s Guide to the $100 Billion Naspers Spinoff: ECM WatchThe listing is designed to achieve two main objectives for Cape Town-based Naspers. First, Chief Executive Officer Bob van Dijk wants to attract more international investors to assign more value to the company’s non-Tencent assets, which the market rates at less than zero. Second, the spinoff will reduce Naspers’s dominance of Johannesburg’s stock exchange, where it’s by far the biggest company. Read More: Naspers Prepares to List Global Empire From Ads to Tencent“Outside of Tencent, Naspers’ biggest asset is its exposure to online classifieds,” said Alastair Jones, an analyst at New Street Research in London. “The business is monetizing in 10 countries and already reports $875 million of revenues, with the potential to begin monetizing in another 20 countries. The opportunity is therefore massive, and execution is key.”Naspers shares traded 0.2% lower at 3,522.82 rand at the close in Johannesburg on Tuesday, valuing the company at 1.6 trillion rand ($109 billion). Tencent rose 0.7% to HK$342.60 as of 1:37 p.m. in Hong Kong. (Updates with Tencent shares in the final paragraph)\--With assistance from Swetha Gopinath.To contact the reporter on this story: Loni Prinsloo in Johannesburg at email@example.comTo contact the editors responsible for this story: John Bowker at firstname.lastname@example.org, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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