Media and internet company Naspers broke through R2,000 a share in morning trade on Monday (13 April), boosted by continued growth in Tencent.

By 10h00 am shares in Naspers traded R75, or nearly 4% higher, at R2020,00, giving the group a market cap exceeding R850 billion.

Naspers sits behind only British American Tovbacco, and SAB Miller as the largest companies on the JSE. Both BAT (R1.2 trillion) and SAB Miller’s (R1.04 trillion) market cap exceed a trillion rand.

Naspers’ growth has been closely aligned to Tencent, a Chinese media and entertainment company in which it owns 34%.

Tencent’s share price has outgrown it’s rivals Alibaba and search portal Baidu in China in the first quarter. The group reported better than anticipated results in 2014 and has seen its stock jump more than 30% in 2015, to $21.05 on the Hong Kong Stock Exchange.

In November, Naspers reported a 20% rise in profit for the six months ended September 2014, to R34.4 billion. The group noted that 72% of it’s revenues were earned offshore.

Naspers’ local assets include MultiChoice, SuperSport, DStv, OLX, and Media24, while globally, its assets include Russian website Mail.Ru, and ndia based e-commerce company Flipkart.

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