JOHANNESBURG: Global consumer internet group, Prosus N.V. (Prosus) listed on the JSE’s Main Board using the symbol (JSE: PRX) under the Technology Internet sector. This is a secondary listing for Prosus. The primary listing and trading for the company’s Ordinary Shares is on Euronext Amsterdam.
Prosus comprises the international internet assets of Naspers (JSE: NPN), Africa’s most valuable company. Prosus’ operations and investments are valued in excess of US$100bn with core sectors including online classifieds, food delivery, payments and fintech and food delivery. Prosus also has meaningful investments in leading internet companies Tencent, Mail.ru and Ctrip.
The listing of Prosus is a further step to unlock shareholder value by Naspers following the unbundling of the MultiChoice Group in March 2019, which unlocked approximately US$3.5 billion for Naspers shareholders.
“We are pleased to be a part of this exciting moment in the development of Prosus. The secondary listing on the JSE will give local investors an opportunity to participate in Naspers’ international company. Today we are proud to be able to connect investors with technology companies, like Prosus, who seek to raise capital,” said Thato Matsafu, Head of Primary Markets at the JSE.
Naspers will be the majority shareholder of Prosus, holding at least a 73% stake in the group alongside its South African businesses, Takealot and Media24. Naspers remains a committed investor in both South Africa’s technology sector and society at large through its existing operations and its Naspers Foundry and Naspers Labs initiatives.
Bob van Dijk, Group CEO Prosus and Naspers said, “The listing of Prosus is an exciting step forwards for the group, giving global technology investors direct access to our unique and attractive portfolio of international consumer internet businesses. We operate and invest globally in markets with long-term growth potential, and our companies and associates help improve the daily lives of around a fifth of the world’s population.”
Van Dijk added, “The listing on Euronext Amsterdam provides a strong foundation for our future growth ambitions. We will continue to seek opportunities to partner with exceptional entrepreneurs who are using technology to address big societal needs, and to create value for our shareholders.”
The secondary, inward listing of Prosus on the JSE now provides South African investors with direct access to Naspers’ international internet assets. Investors can also access Naspers’ local assets and its controlling interest in Prosus through Naspers’ primary listing on the JSE. In both cases, South African investors buying these shares on the JSE will do so without using their foreign allowances for exchange control purposes.
This is the third JSE listing in 2019 after the listing of MultiChoice Group and Tsogo Sun Hotels LTD earlier in the year. The JSE currently has 357 companies listed on the exchange with an overall Market Capitalisation is R16 trillion.