Naspers may be moving most of its internet businesses to a new listing in Amsterdam, but the Cape Town-based tech investor is at pains to show it is not abandoning SA.
That looks like a bad deal for some local investors, who may feel some of their wealth is being taken to where it could be heavily taxed, according to Naspers CEO Bob van Dijk. Rather than anger the people who backed the company on its way to becoming a $94bn behemoth, Naspers is giving NewCo a secondary listing in Johannesburg and arranging a way to make the spin-out more tax-efficient.
The Johannesburg secondary listing is another clear concession to those that fear the departure of SA’s biggest corporate success story — and cash cow for investors. The move will allow local institutions to work around restrictions on owning foreign shares, Van Dijk said. “They would be able to hold NewCo as a domestic stock.”
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