JOHANNESBURG: Tencent shareholder Naspers plans to float a portion of its e-commerce ventures on Euronext in Amsterdam, a move South Africa's ...
JOHANNESBURG: Tencent shareholder Naspers plans to float a portion of its e-commerce ventures on Euronext in Amsterdam, a move South Africa's biggest company said on Monday will create a US$140 billion European internet giant.
"We bring a very unique story to Europe. We bring Europe's largest consumer internet company. Europe has been starved of global internet investment opportunities," Sgourdos said. Sgourdos said that the decision to also separately list its internet investments in Amsterdam would go a long way in narrowing the valuation gap because Naspers' oversized weighting on the JSE was to blame for the discount.
Some analysts doubt whether the Euronext move will have much of an impact in narrowing the discount, with Jeffries' Ken Rumph saying part of the problem was some investors did not believe Naspers could turn the internet businesses into profitable enterprises. The new entity, which will have a secondary listing in Johannesburg, will house stakes from some of the biggest internet brands in emerging markets including Russia's biggest social networking site mail.ru, Indian online travel firm MakeMyTrip and Brazilian food delivery firm iFood.
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