Naspers announced the results of the Extraordinary General Meeting (EGM) regarding its intention to list Prosus, a new global consumer internet group, on Euronext Amsterdam. The proposed listing was approved by the requisite majority of shareholders in a vote held on August 23 in Cape Town.
„Following shareholder approval, Naspers is on track to list Prosus on Euronext Amsterdam on Wednesday, 11 September 2019, along with a secondary, inward listing on the Johannesburg Stock Exchange.”, according to the press release.
Naspers expects to own no less than 73% of Prosus with a free float of up to 27% created through a capitalisation issue of Prosus shares to Naspers shareholders. Naspers will retain its primary listing on the Johannesburg Stock Exchange.
Bob van Dijk, Naspers’ Group Chief Executive Officer said:
“Following shareholder approval at today’s EGM, we are on track to list our international internet assets as Prosus on 11 September. We believe Prosus will present a new and attractive opportunity for global tech investors to access our unique portfolio of internet businesses, providing a strong foundation for our future growth plans. The listing is also designed to reduce our weighting on the Johannesburg Stock Exchange which we believe will maximise shareholder value over time. We would like to thank our shareholders for their strong support and conviction for Prosus and we look forward to finalising the listing in the coming weeks.”
„As a global consumer internet group and one of the largest technology investors in the world, Prosus is likely to be Europe’s largest listed consumer internet company by asset value.”, Naspers said.
It will comprise all of Naspers’ internet interests outside of South Africa including its companies and investments in the online classifieds, payments and fintech, food delivery, etail, travel, education, and social and internet platforms sectors, among others.
These assets are some of the world’s leading and fastest-growing internet brands, such as Tencent, mail.ru, OLX, Avito, letgo, PayU, iFood, Swiggy, DeliveryHero, Udemy, eMAG, and MakeMyTrip¹. Prosus will be a strategic investor and operator focusing on long-term value creation by building leading technology companies that improve people’s daily lives in high-growth markets.
Full details of the transaction, including the prospectus are available at www.prosus.com
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”