Naspers raises R24bn through sale of Prosus shares

Naspers CEO Bob Van Dijk hits a gong at the start of trade for Prosus shares on the Amsterdam Stock Exchange. (Supplied)
Naspers CEO Bob Van Dijk hits a gong at the start of trade for Prosus shares on the Amsterdam Stock Exchange. (Supplied)

Naspers [JSE:NPN] on Wednesday raised approximately R24bn through the sale of 22 million ordinary Prosus shares, which appear to have been snapped up in minutes by investors. 

The group earlier on Wednesday morning announced the offering, after saying it had seen significant interest in Prosus from new investors, particularly in European institutions an global technology investors.

By 08:30, just 90 minutes after the announcement of the offering was made, the sale was completed.

Each Prosus share was sold for €67.50 (about R1 080 at current exchange rates) resulting in gross proceeds of about €1.5bn (about R24bn), Naspers said in a shareholder notice on the results of the sale.

The placing is expected to increase Prosus's free-float from about 26.2% to about 27.5%. Naspers now holds about 72.5% of the issued Prosus ordinary shares.

The settlement of the placing will take place on January 24, 2020, on Euronext Amsterdam, the group said. 

In September last year, Naspers listed its international internet assets on Euronext Amsterdam under Prosus, including operations and investments in online classifieds, food delivery, payments and fintech and electronic retail.

Naspers intends to use the net proceeds over time to return capital to Naspers shareholders in the form of a share repurchase programme.

- Fin24 is part of 24.com, which is in the Naspers-owned Media24 stable.

- Additional reporting by Lameez Omarjee

ZAR/USD
16.55
(+0.78)
ZAR/GBP
20.92
(+0.37)
ZAR/EUR
18.93
(+0.67)
ZAR/AUD
11.62
(+0.40)
ZAR/JPY
0.16
(+0.47)
Gold
1807.86
(-0.06)
Silver
19.25
(-0.03)
Platinum
830.00
(+0.18)
Brent Crude
43.06
(+0.42)
Palladium
1963.00
(+0.31)
All Share
56374.05
(+1.52)
Top 40
52048.69
(+1.59)
Financial 15
10697.88
(+1.61)
Industrial 25
76413.30
(+1.19)
Resource 10
54358.32
(+2.14)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2138 votes
I am taking a hit, but should be able to recover in the next year
23% - 2742 votes
My finances have been devastated
35% - 4156 votes
It's still too early to know what the full effect will be
25% - 2974 votes
Vote