Second time lucky for Naspers as it prepares for European listing

Naspers has corrected a problem that forced Africa’s biggest company to delay a planned listing of Internet assets in Amsterdam, sending mail to the right addresses to reach shareholders.

The technology and media investment firm surprised the market last month by postponing the spin-off until September, blaming an external service provider for misdirecting documents investors need to vote on the plan.

The shares fell the most in a month, although they quickly recovered and have gained 13% since.

“We confirm that the extraordinary general meeting process is on track and the posting of the circulars was well managed,” Naspers spokeswoman Shamiela Letsoalo said by e-mail.

The newly formed company, called Prosus, will have a main listing on the Euronext and a secondary one in Johannesburg. Naspers has grown rapidly on the back of a timely investment in Chinese Internet giant Tencent, and will include that stake among other global online assets in the new entity.

Investors will vote on the listing on 23 August, and are able to choose between Prosus stock and additional shares in Naspers, which will have a 75% stake in the new company. Prosus is due to start trading in the Netherlands capital on 11 September. — Reported by Loni Prinsloo and Janice Kew, (c) 2019 Bloomberg LP