Got a subscription voucher? Technology group Naspers’s attempt to reduce its weighting on the JSE while reducing its discount to underlying assets looks to be bearing fruit as its new listing in Amsterdam closed the week more valuable than its prized stake in Chinese technology group Tencent. Oil prices dropped during the previous session, negatively affected by the prospect of increased supply from Iran. A spin-off is usually a non-taxable event. Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by Barry Dumas, Market Analyst at GT247 (Pty) Ltd t/a GT247.com (“GT247.com”) as general market commentary, and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. Cost basis is the total amount that you paid for an investment, such as a stock. In a statement released yesterday, Naspers highlighted that Prosus’ net income for the three months to June increased to $1.4b, up from the $1.1b recorded in the previous corresponding period. Email helpdesk@businesslive.co.za or call 0860 52 52 00. Spot gold was also in positive territory this morning, albeit only marginally so, with the precious metal adding 0.08% to $1,528.55/oz. © 2020 Arena Holdings. Tech stocks come in all shapes and sizes, from small-cap stocks who drive innovation to the giants that set the tone for a whole mark like our very own Naspers. Spinoffs can also experience high selling activity; shareholders of the parent may not want the shares of the spinoff they received because it may not fit their investment criteria. Investopedia uses cookies to provide you with a great user experience. Naspers and more recently Prosus has become firm favorites of EasyResearch and clients alike, not only as great Rand (ZAR) hedges but also a way to diversify locally into the popular tech sector. Naspers will retain control over Prosus, as it plans to keep a stake of between 73% and 83%. Naspers full year results for the twelve months ended 31 March 2020. The use of a company’s brand logo does not represent an endorsement of EasyEquities by the company, nor an endorsement of the company by EasyEquities, nor does it necessarily imply any contractual relationship. The NASDAQ led the region’s gains, up 1.32%, with the index offsetting some of last week’s losses. South African prices are delayed by 15 minutes; North American prices are delayed by 15 minutes; Australian prices are delayed by 20 minutes. - Naspers press statement, Mar20 - Naspers and Prosus results call presentation, Mar20 For example, an investor could exchange $100 of the parent’s stock for $110 of the spinoff’s stock. One motivation for spinning off Prosus is to narrow that value gap. Here are some excerpts from Moneyweb’s “Naspers AGM: The antithesis of shareholder democracy” – “But the group is the gift that keeps on giving in terms of returns, so nobody rocks this extremely valuable boat.” On the flip side, the Business Maverick article “Naspers, a year on and the problems are much the same” – “A year from its unbundling of MultiChoice and Prosus, Naspers sits with the same problem – its value continues to trail that of its assets, particularly that of Tencent.”.
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