S African tech firm Naspers to list consumer internet biz on Euronext in July

Photo: Bloomberg

South African media and tech group Naspers said on Wednesday it aims to float its consumer internet businesses on the Euronext stock exchange in Amsterdam on July 17.

Naspers will retain a 73% stake in the new company, which will have a market capitalisation in excess of 100 billion euros ($112 billion) and will hold Naspers‘ one-third stake in China’s Tencent, as well as its OLX and “letgo” classified businesses.

Existing Naspers shareholders will receive shares representing 27% of the new company when it lists, Naspers said in a statement. Naspers announced the plan in March.