Tue, 19 Nov 2019

Naspers says delay in listing Prosus 'unfortunate'

25 Jun 2019, 04:13 GMT+10

Naspers has described the delay in the planned listing of its international internet assets on the Euronext Amsterdam stock exchange as "unfortunate", after an external provider sent out envelopes to shareholders with incorrect information.

Naspers had scheduled the Prosus listing for July 17. It now plans to list in September, following a shareholders meeting in mid-August.

The new company will also have a secondary, inward listing on the JSE.

The group's chief financial officer, Basil Sgourdos, told Fin24 on Monday morning that the delay was caused by an error by an external provider.

"Basically what happened is the addresses and names got misaligned. So things went to the right addresses but with the wrong names." Sgourdos said some shareholders would not have opened the letters.

"It is really important for us that we executive this correctly," he added.

The group will again send out envelopes with the correct names.

Prosus is set to include all of Naspers' internet interests outside of South Africa, including its 31% stake in Tencent. It also includes investments in mail.ru, OLX, Avito, letgo, and PayU and more.

The company is expected to be approximately 75% owned by Naspers, and have a free float of approximately 25%.

Naspers also last week announced its financial results for the year ended March 31. Revenues increased 29% year-on-year to $19bn, while trading profit grew 22% to US$3.3bn.

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