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Prosus: Naspers listed the giant Tencent stake in Amsterdam



Naspers ( NAPRF ) the South African company hit the jackpot with an early investment in Tencent ( TCEHY ) rotates 31% stake in the internet group by listing a new Amsterdam stock company.
Called Prosus, the company will have a market value of at least € 95 billion ($ 105 billion) when it is listed on Wednesday, making it the largest consumer tech company in Europe. It is also the second largest tech company in the region after SAP in Germany. At the Euronext exchange of Amsterdam, Royal Dutch Shell ( RDSA ) and Unilever ( UL ) more.
The Naspers paid only $ 32 million in 2001
for a stake in Tencent. The investment is now worth € 118 billion ($ 130 billion). This is just a return of the SoftBank's ( SFTBY ) $ 20 million punt to the Alibaba ( BABA ) in 2000, which secured the Japanese company a stake of $ 132 billion.

But the windfall gains created a headache for the Naspers. It accounts for 25% of the combined value of the 40 largest companies on the Johannesburg Stock Exchange – up from just 5% five years ago. That forced investors to sell Naspers shares so they would not be exposed to a single stock. As a result, Naspers' trading has discounted almost 30% -35% of the value of its assets, said Jean Pierre Verster, founder and CEO of Protea Capital Management.

That's where Amsterdam has to move. Following Prosus' list, the weight of the Naspers in the top 40 in Johannesburg should fall by around 18% -19%, Verster said.

Prosus will also provide investment-restricted funds to listed European companies the opportunity to gain exposure to The internet sector in China for the first time, Verster added.

Tencent, which owns the WeChat messaging platform and a host of payment applications and mobile games, is one of the largest technology groups in China. Naspers will continue to own at least 73% of Prosus, which also holds other technology properties such as restaurant stakes in Restaurant delivery, online classifieds business OLX Group and Russian internet company Mail.ru.

Naspers estimated to be solicited from passive investors for shares in Prosus could reach $ 3 billion, following the consolidation of the stock into a number of large global indexes. Investment from actively managed European funds, growth and technology is expected to rise, said Naspers CEO Bob van Dijk in a video posted by top of the list.

Can the Naspers find another Tencent?

The deal also poses some risks for the Naspers. This should make it clear to investors how other bets are performing, which could determine if the stock discount is still narrow.

Although Tencent was excluded, Naspers delivered returns of more than 20% a year, significantly reducing most of the equity market, said Ruan Stander, a portfolio manager at Cape Town-based asset manager, Allan Gray. The firm owns 2.2% of Naspers.

Naspers previously sold stakes in India e-commerce company Flipkart and Polish-based online marketplace Allegro Group for a huge profit. growing global businesses in online classifieds, food delivery, and payments and fintech, van Dijk said.

"Listing their classifieds businesses under the OLX brand may be the next step," says Charl Wolmarans, an analyst at Avior Capital Markets.


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