Last Thursday was a knockout day for Naspers and Prosus on the JSE, with shares in both companies rallying by more than 5%.
When the discount didn’t narrow materially with the 2019 listing of Naspers’s global consumer internet assets on Euronext Amsterdam, Prosus embarked on a $5-billion share buyback programme last November with the aim of repurchasing up to $1.37-billion of its own shares and up to $3.63-billion of Naspers shares.
It is now three-quarters of the way through, having repurchased 100% of the allocation of Prosus shares and 65% of the Naspers shares it planned to buy. The investment bank said it expected Prosus’s internet assets to deliver earnings growth ahead of Tencent over the next two years, which should continue to support a narrowing of the discount.
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