NASPERSN: 324,807 +7013 (+2.21%)
Naspers considers Hong Kong, New York listing of some e-commerce units
(Adds quotes, details)
By Patricia Aruo
JOHANNESBURG, July 26 (Reuters) - South Africa's Naspers is
considering listing some of its e-commerce ventures in Hong Kong
or New York, its chief executive said on Thursday, part of
efforts to narrow the discount between its market value and that
of its stake in Tencent.
Founded more than 100 years ago in Stellenbosch, South
Africa, Naspers has transformed itself from a newspaper
publisher into Africa's biggest company, a $106 billion behemoth
with private equity-style investments in e-commerce platforms
such as auction sites, classified and online retail.
Naspers owes its hefty valuation to a 31 percent stake in
Tencent, which is worth $154 billion, or roughly 40 percent more
than Naspers. The discount has prompted some investors to urge
van Dyk to find ways to narrow it.
"We are looking at listing part of our business on other
exchanges and Hong Kong is one of our options, U.S. is an option
and there are other options as well," Bob van Dyk told Reuters
on the sidelines of BRICS summit.
"We are working through those and we think we will be able
to communicate with the market about that in the not too distant
Van Dyk, at the helm since 2014, also said the discount
would be closed when the company's other e-commerce ventures
swing into profit.
Naspers said last month the e-commerce division, which
excludes Tencent and houses assets such as OLX, the biggest
classifieds site in India and Brazil, narrowed its core losses,
or losses on the EBITDA level, by 10 percent to $615 million.
($1 = 13.2504 rand)
(Writing by Tiisetso Motsoeneng
Editing by James Macharia)
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