JOHANNESBURG - The Government Employees Pension Fund has about 30 days to make a decision on its interest in Naspers after the Public Investment Corporation was reported to have advised it to reduce its shareholding. Naspers, one of the largest listed companies on the JSE, has targeted July 17 to finalise the NewCo listing on Euronext in Amsterdam.
“The GEPF does review its benchmarks from time to time,” although “not all reviews lead to changes,” the fund was quoted as saying. The JSE behemoth is expected to own no less than 73 percent of NewCo and the free float was expected to be up to 27 percent, created by Naspers through a capitalisation issue.
Andre de Wet, who leads, builds and advises companies on how to grow and expand in the e-commerce, mobile and the new disruptive tech industries, described this move as a silent coup for Naspers.