South Africa's Naspers rules out $114 billion Tencent stake spin-off

South Africa’s Naspers rules out $114 billion Tencent stake spin-off

South Africa‘s Naspers does not plan to spin off its $114 billion stake in Tencent, its boss said on Monday, a push back against investors urging a break-up to close a widening discount between its market value and that of its one-third stake in the Chinese internet company.

Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into an $85 billion multinational with private equity-style investments in e-commerce platforms such as auction sites, online retail and e-classifieds.

But it owes much of that valuation to its 33 percent Tencent stake, which is worth about $114 billion, or 20 percent more than Naspers itself. The discount has prompted some investors to urge Chief Executive Bob van Dijk to find ways to narrow it.

Read more: South Africa’s Naspers rules out $114 billion Tencent stake spin-off| Reuters

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