naspers investments limited

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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

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Naspers investments limited

These include online classifieds, food delivery, payments and fintech, among others. Mahanyele-Dabengwa said digital platforms were not only the future of doing business in South Africa but were also the means to make job creation more accessible, an opportunity to create a skilled workforce that can compete globally, and to create local products and services that improve the daily lives of ordinary people. To address unemployment in impoverished communities, the company launched Naspers Labs, a social impact programme to help young, unemployed South Africans to open doors to their first employment opportunity.

The Labs provide a structured development journey enabling students to realise their potential and tap into online learning platforms, including those that Naspers has invested in, such as Udemy, Codecademy, and SoloLearn. Digital enablement can only happen in companies that attract and develop highly talented people with strong digital and analytics capabilities. And our investment strategy will make it an economic reality.

All rights reserved. Fundamental Rankings. Stock Screener Home. MarketScreener tools. Dynamic chart. Our Services. MarketScreener Portfolios. Add to my list. Naspers Limited is one of the world's leading Internet service providers. Net sales excluding discontinued operations by activity break down as follows: - management of social platforms and digital content The remaining sales 1. Net sales break down geographically as follows: South Africa Markets and indexes -. In partnership with Allbrands.

More Must read. COM N. Connections : Naspers Limited. Robert van Dijk. All rights reserved. Log in E-mail. Business Summary. Number of employees : 25 people. Sales per Business. Sales per region. Jacobus Petrus Bekker. Vasileios Sgourdos. Stephan Joseph Zbigniew Pacak. Rachel Catharina Cornelia Jafta, Dr. Benedict James van der Ross. Craig Lawrence Enenstein. Donald Gordon Eriksson. Markets and indexes.

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Naspers' reporting currency is the Rand. Naspers conducts and will continue to conduct business transactions in currencies other than its reporting currency. Naspers is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the U. In addition, fluctuations in the exchange rate of these currencies could significantly affect the comparability of Naspers' performance between financial periods, since a portion of Naspers' sales are made in currencies other than Rand while Naspers' financial statements are stated in Rand.

A significant portion of Naspers' cash obligations, including payment obligations under satellite transponder leases and contracts for pay-television programming and channels, are denominated in the currencies of countries in which Naspers has limited operations, such as U. Where Naspers' revenue is denominated in local currency, a depreciation of the local currency against the U. Many of Naspers' operations are in countries or regions where there has been substantial depreciation of the local currency against the U.

Naspers cannot assure you that the hedge transactions that Naspers enters into to mitigate currency risk will fully protect it against currency fluctuations or that Naspers will be able to hedge effectively against these risks in the future. The Rand has depreciated over time against the currencies of its major trading partners by more than the difference in the inflation rate between South Africa and its major trading partners.

Historically, the performance of the Rand against other currencies has been characterized by periods of rapid depreciation followed by periods of stability. In particular, the Rand rapidly depreciated against the U. Against the U. The value of the Rand against the U. The South African government established the Myburgh Commission of Enquiry to investigate the rapid deterioration in the rate of exchange of the Rand against the U.

The majority report of the Commission found no single reason for the rapid depreciation of the Rand during and recommended that the South African government continue with a policy of gradually relaxing exchange controls. Naspers cannot predict how the South African government will react to such findings and recommendations or, consequently, the impact on the relative strength of the Rand against the U.

In addition, fluctuations in the exchange rate between the Rand and the U. Trade unions represented approximately A number of South African trade unions have close links to various political parties. In the past, trade unions have had a significant influence in South Africa as vehicles for social, economic and political reform and in the collective bargaining process. Since South Africa has enacted various labor laws that enhance the rights of employees.

Naspers cannot assure you that the cost of complying with these laws will not adversely affect its South African operations. Because Naspers is a South African company, you may not be able to enforce judgments against Naspers and its directors and officers that are obtained in U. Naspers is incorporated in South Africa. Most of Naspers' directors and executive officers reside outside the United States. Substantially all the assets of Naspers' directors and executive officers and substantially all Naspers' assets are located outside the United States.

As a result, it may not be possible for investors to effect service of process within the United States upon Naspers or its directors. Foreign judgments are generally not directly enforceable in South Africa. The policy of South African courts is to award compensation only for loss or damage actually sustained by the person claiming the compensation. The award of punitive damages is generally not recognized by the South African legal system, on the grounds that such awards are contrary to South African public policy.

Whether a judgment is contrary to public policy depends on the facts of each case. Exorbitant, unconscionable or excessive awards will generally be contrary to South African public policy. South African courts cannot consider the merits of a foreign judgment and cannot act as a court of appeal or review over the foreign court.

South African courts will usually observe their own procedural laws and, where an action based on a contract governed by a foreign law is brought before a South African court, the capacity of the parties to contract will usually be determined in accordance with South African law.

A plaintiff who is not resident in South Africa may be required to provide security for costs where proceedings are initiated in South Africa. In addition, the Rules of the High Court of South Africa require that documents executed outside of South Africa must be authenticated by way of the apostille procedure in terms of the Hague Convention before they are used in South Africa.

Also, foreign judgments concerning ownership of certain assets or material affecting South African commerce require consent from the South African Minister of Trade and Industry to be enforced in accordance with the South African Protection of Business Act, Naspers has been advised by Webber Wentzel Bowens, its South African counsel, that there is doubt as to enforceability against Naspers and its directors and officers in South Africa of liabilities predicated solely upon the Federal securities laws of the United States.

Naspers' substantial level of debt could adversely affect its business and competitive position. Naspers has a substantial amount of debt that may adversely affect its business in numerous ways. On the same basis, Naspers' ratio of total debt to equity would have equaled 2.

Naspers' debt could, among other things:. Naspers' ability to make payments on its debt will depend upon its future operating performance, which is subject to general economic and competitive conditions, many of which are outside of Naspers' control. If the cash flow from Naspers' business and its operating subsidiaries is insufficient to make payments on its debt or is otherwise unavailable, Naspers may have to delay or reduce capital expenditures, attempt to restructure or refinance its debt, sell assets or raise additional equity capital.

Naspers may not be able to take these actions on satisfactory terms, in a timely manner or at all. Naspers has in the past incurred, and may continue to incur, significant operating losses. Naspers has incurred significant operating losses for at least the last four fiscal years, including an operating loss from continuing operations of Rand GAAP, the operating loss equaled Rand Naspers may continue to incur operating losses for the foreseeable future.

Naspers' net loss for the fiscal year equaled Rand 1. GAAP, the net loss equaled Rand 5. In the fiscal year , Naspers expects to recognize a loss under U. The current global economic slowdown and other difficulties in South Africa may increase the level of operating losses at Naspers. Naspers currently intends to continue making substantial expenditures to increase the subscriber base of its pay-television businesses in South Africa, Greece, Cyprus, Thailand and Asia, further develop its Internet, technology and education businesses and grow the circulation of its magazines and newspapers.

Naspers views these expenditures as necessary if its businesses are to remain competitive over the long term. The benefits of these expenditures may not be evident for several years, which may adversely affect Naspers' results of operations in the immediate future. Moreover, losses in one group of businesses can adversely affect the ability to grow other businesses. Losses at individual operating subsidiaries could have additional adverse consequences for those subsidiaries, such as legally required restructurings or breaches of local financing arrangements.

Naspers depends on access to cash flows from its subsidiaries and joint ventures, and limitations on accessing the cash flow may adversely affect Naspers' business operations and financial condition. Naspers is structured as a holding company and has no significant business operations or assets other than its interests in its subsidiaries, joint ventures and other investments.

Accordingly, Naspers relies upon distributions from its subsidiaries, joint ventures and other investments to generate the funds necessary to meet the obligations and other cash flow requirements of the combined group. Naspers' subsidiaries and joint ventures are separate and distinct legal entities that have no obligation to make any funds available to Naspers, whether by intercompany loans or by the payment of dividends.

The ability of Naspers to utilize the cash flows from some of its subsidiaries, joint ventures and associated companies is subject, in South Africa, Thailand and other countries, to foreign investment and exchange control laws and also the availability of a sufficient quantity of foreign exchange. In particular, substantially all the cash flow generated by Naspers' South African pay-television and other businesses cannot be currently utilized outside South Africa without exchange control approval.

Naspers' non-South African subsidiaries may be subject to similar restrictions imposed by their respective home countries. In addition, because the consent of some of Naspers' joint venture partners is required for distributions from Naspers' joint ventures, Naspers' ability to receive distributions from the joint ventures is dependent on the co-operation of its joint venture partners. The interests of the minority shareholders of some of Naspers' subsidiaries and associates must be considered when those subsidiaries and associates make distributions.

Accordingly, Naspers cannot assure you that it will be able to obtain cash from its subsidiaries, joint ventures and other investments at the times and in the amounts required by Naspers. Any failure by Naspers to receive distributions from its businesses could restrict Naspers' ability to provide adequate funding to the combined group and otherwise meet its obligations.

Naspers' business units may face funding and liquidity difficulties under the terms of the financing arrangements upon which they depend. Each Naspers business relies on its own separate credit facility and financing, to the extent necessary. Naspers has not to date provided any parent company guarantees in respect of bank borrowings.

Several of the credit facilities and other financing arrangements contain financial covenants and other requirements. If these covenants or requirements are violated, the financing may not be. If Media24's business performance deteriorates, Media24 may be in violation of this financial covenant.

In addition, many of the different group credit facilities must be renewed annually by the relevant lenders. Naspers' businesses operate in highly competitive and rapidly changing industries, and increased competition could adversely affect Naspers' results of operations and financial condition. Although Naspers is currently the only major provider of pay-television services in each of its markets, Naspers competes directly with both state-owned and private national free-to-air broadcast networks and regional and local broadcast stations for audience share, programming and advertising revenue and indirectly with motion picture theatres, video rental stores, mobile telephones, lotteries, gaming and other entertainment and leisure activities for general leisure spending.

Naspers cannot determine the nature or extent of the competition it may face in the future in the pay-television market. In South Africa, Naspers' largest pay-television market, licenses may be granted in the near future to other operators. In Greece, the entry of a competitor, Alpha Digital, into the pay-television market resulted in Naspers losing some of its subscribers and a significant increase in the cost paid for content.

Naspers cannot predict if or when competitors will enter the pay-television market in the other countries in which it offers pay-television services nor can it predict the likely loss of revenue or increase in costs if competitors enter these markets. Naspers also has found that broadcast rights to major sporting events have become more expensive to obtain, over the past decade, as competition for these rights has intensified. The market for Internet access and related services is highly competitive.

Naspers anticipates that competition will continue to intensify as the use of the Internet grows. The African and Asian Internet markets, where Naspers plans to expand its operations, are characterized by an increasing number of entrants because start up costs are low. Naspers' competitors may better position themselves to compete in these emerging markets as they mature.

Many of these competitors have longer operating histories and substantially greater financial, technical, marketing and personnel resources and better-recognized brand names than Naspers. Naspers' Internet businesses may therefore never reach profitability.

Print media. Revenues in the print media industry are dependent primarily upon paid circulation and advertising revenues. Competition for circulation and advertising revenue comes from local, regional and national newspapers, magazines, radio, television, direct mail and other communications and advertising media that operate in the same markets as Naspers. The extent and nature of such competition is, in large part, determined by the location and demographics of the markets and the number of media alternatives available in these markets.

Naspers may face increased competition as both local and international publishers introduce new niche titles. Internationally recognized titles also continue to be introduced in South Africa. Many of the print media markets are overdeveloped, with too many titles relative to the size of the subscriber base. Competitors that are active in the same markets as Naspers attempt to increase their market share, circulation and advertising revenues by changing the style and layout of their publications to win new customers at the expense of Naspers' magazines and newspapers.

In addition, Naspers' competitors may reduce the cover prices of their publications to increase their circulation. Naspers may be forced to decrease the prices it charges for magazines and newspapers in response or make other changes in the way it operates.

Naspers' business and results of operations may be harmed as a result. Other businesses. The markets for the products and services currently offered by MIH Limited's Irdeto Access, Naspers' book publishing and education businesses are highly competitive. All three businesses operate in highly fragmented markets and compete with large international players. Irdeto Access competes with numerous entities, including subsidiaries of other pay-television providers, many of which have substantially greater financial resources than Naspers.

Nasboek, Naspers' book publishing business, faces competition from several South African publishers as well as large international publishing houses, who have substantially greater resources and very strong brand names. Educor, the private education business of Naspers, faces competition from many different South African private educators, as well as increasingly from international educators, many of whom have substantially greater resources and better recognized brand names than Educor.

Steady or declining subscriber levels may prevent the further growth of some of or all Naspers' businesses. Naspers' largest businesses are generally in mature markets and face significant difficulties in maintaining or growing the number of subscribers. Naspers' pay-television business in Greece has recently experienced high levels of subscriber churn and decreasing subscriber numbers.

Naspers' pay-television business in Africa is mature and total subscriber numbers have been relatively flat recently. High levels of churn and decreasing or flat subscriber numbers may be caused by competition from new entrants to the pay-television market and from other sources competing for discretionary income, economic and other local difficulties, the loss of popular sports and movie programming content and seasonality associated with the markets in which Naspers operates. Increases in prices also can lead to churn and subscriber terminations.

Declining subscriber levels also adversely affect Irdeto Access, since Naspers' pay-television operators are Irdeto's primary customers. Naspers' print media business has experienced declining circulation due to the maturity of some of its magazine titles and newspapers in South Africa and the introduction into the market of a large number of competing magazines and newspapers, as well as economic difficulties.

Declining circulation has been particularly significant with magazines, where many of Naspers' major titles have experienced a decline in circulation since Steady or declining subscriber levels make it increasingly difficult for Naspers to grow its businesses. A reduction in demand for advertising may adversely affect Naspers' businesses and revenues.

A portion of Naspers' revenue is generated by advertising and circulation revenues. Advertising revenues and, to a lesser extent, circulation revenues are cyclical and are dependent upon general economic conditions. Traditionally, spending by companies on advertising and other marketing activities, and hence Naspers' advertising revenue, decreases significantly in times of economic slowdown or recession.

In particular, Naspers' advertising revenues are subject to risks arising from adverse changes in domestic and global economic conditions and fluctuations in consumer confidence and spending. Consumer confidence and spending may decline as a result of numerous factors outside of Naspers' control, such as terrorist attacks or acts of war.

The global economic slowdown and resulting decline in the level of business activity of Naspers' advertisers has and could continue to adversely affect Naspers' results of operations. Newspaper and magazine advertising has declined in recent years, while television and outdoor advertising has increased, with radio advertising remaining relatively stable. These trends may continue in the future, which could adversely affect Naspers' results and financial condition.

Increases in newsprint and magazine paper costs could adversely affect Naspers' results. Newsprint and magazine paper represent the single largest raw material expense for Naspers' print media businesses and are among Naspers' most significant operating costs. Newsprint and magazine paper costs fluctuate significantly from time to time due to numerous factors beyond Naspers' control,. An increase in newsprint and magazine paper costs could adversely affect Naspers' earnings and cash flow except to the extent the newsprint cost increase can be passed through to the subscriber, which Naspers has been able to do only in some instances.

Naspers' business environment is subject to rapid technological change which could render Naspers' products and services obsolete or less competitive. The rate of technological change currently affecting the pay-television and Internet industries is particularly rapid compared to other industries. Emerging trends, such as the migration of television from analog to digital transmission and the convergence of television, the Internet and other media, are creating a dynamic and unpredictable environment.

New technologies or industry standards have the potential to replace or provide lower-cost alternatives to products and services sold by Naspers. Naspers' print media, publishing and education businesses also operate in markets that continue to change in response to technological innovations and other factors.

In particular, the means of delivering Naspers' products, and the products themselves, may be subject to rapid technological change. Naspers cannot predict whether technological innovations will, in the future, make some of its products and services wholly or partially obsolete or the effect of those changes on the competitiveness of its businesses. Naspers may be required to continue to invest significant resources to further adapt to changing markets and competitive environments. Naspers' substantial investment in Internet related business may not produce positive returns.

A significant part of Naspers' strategy is to further develop its Internet businesses. Naspers has invested, and will continue to invest, significant amounts to develop and promote its Internet initiatives and electronic platforms. The provision of products and services over the Internet and otherwise in electronic form is highly competitive and in relatively early stages.

Naspers may experience difficulties developing this aspect of its business due to a variety of factors, many of which are beyond Naspers' control. These factors may include:. Moreover, Naspers relies on third parties for the provision of local and international bandwidth. Naspers' long-term success depends on the continued development of the Internet as a commercial medium, which is especially uncertain in many of the countries in which Naspers has entered or may enter the Internet business.

As is typical in the case of a new industry characterized by rapidly changing technology, developing industry standards and frequent new product and service introductions, demand and market acceptance for recently introduced products and services on the Internet are subject to high levels of uncertainty.

Critical issues concerning the commercial use of the Internet including the perceived lack of security of commercial data, such as credit card numbers, and capacity constraints resulting in delays, transmission errors and other difficulties that may impact the growth of Internet use. These and other issues affecting the Internet industry may be aggravated in countries with less.

If the market for Internet access services fails to develop, develops more slowly than expected or becomes saturated with competitors, or if the Internet access and services offered by Naspers are not broadly accepted, Naspers' growth strategy could be adversely affected.

The growth of Naspers' instant-messaging business in Asia is dependent upon the continued development of the mobile telecommunications market in Asia. These instant-messaging services are provided from computer to computer, computer to mobile phone and mobile phone to mobile phone.

The mobile telecommunications markets in which QQ operates are highly competitive, rapidly developing and subject to significant economic, regulatory and other uncertainties. To adequately develop mobile QQ, QQ will have to enter into arrangements with other mobile providers. The mobile operators already carrying QQ also may attempt to renegotiate the existing arrangements.

The growth of this instant-messaging business will depend, in large part, on the future level of demand for mobile data telecommunications in the markets in which QQ operates. The size of the future QQ customer base will be affected by a number of factors, many of which are outside of Naspers' control, such as general economic conditions in the region.

Naspers' businesses rely on software and hardware systems that are susceptible to failure. Interruptions to the availability of Naspers' Internet services or increases in the response times of Naspers' services caused by the failure of Naspers' software or hardware systems could reduce user satisfaction, the amount of Internet traffic and Naspers' attractiveness to advertisers and consumers.

Naspers' publishing business also depends upon the timely functioning of software and hardware used to print newspapers and magazines and to publish books. Naspers is also dependent upon web browsers, telecommunication systems and other aspects of the Internet infrastructure that have experienced significant system failures and electrical outages in the past.

Naspers' operations are susceptible to outages due to fire, floods, power loss, telecommunications failures, break-ins, industrial actions and similar events. The contract with UUNet expires in , but can be extended until if both parties agree. If Naspers switches to a new carrier, the alternative carriers include The Internet Solution and Telkom, the incumbent telephone operator that is majority-owned by the South African government.

Despite Naspers implementing network security measures, Naspers' servers are vulnerable to computer viruses, break-ins and similar disruptions from unauthorized tampering with its computer systems. Naspers' business may suffer if Naspers cannot obtain attractive programming or if the cost of television receivers increases. The continued success of Naspers' pay-television business depends upon its ability to continue to obtain attractive movie, sports and other programming on commercially reasonable terms.

For most of the programming, Naspers contracts with suppliers who in turn purchase programming from content providers. Some of Naspers' major film studio programming contracts are up for renewal in the next one to two years, and the South African rugby contract is up for renewal in Recently, a studio contract between a major film studio and NetMed, Naspers' Greek pay-television operator, was not renewed and the studio instead signed a long-term contract with a NetMed competitor, Alpha Digital.

In the event the supply contracts or underlying programming arrangements are not renewed or are cancelled, Naspers will be. Naspers cannot be sure whether alternative programming would be available on commercially reasonable terms or whether the alternative programming would appeal to Naspers' subscribers. There is a limited amount of premium movie and sports programming, and most alternative programming could be substantially less appealing to viewers. In many markets, the cost of sports and movie programming has increased significantly over time.

Naspers' business strategy also depends on its ability to offer attractive programming on an exclusive basis. Political, regulatory and competitive pressures are making it more difficult to maintain exclusive rights to programming. Naspers' growth depends in part upon its ability to attract new pay-television customers.

Many new customers are required to purchase the equipment necessary to receive Naspers' broadcasts. The cost of this equipment may discourage potential subscribers, and Naspers' market penetration and growth may be impeded if the cost of this equipment increases. Satellite failures or Naspers' inability to obtain rights to use satellites could adversely affect its business and ability to grow. Naspers' digital programming is transmitted to its customers through different satellites around the world, and in some regions Naspers' terrestrial analog signal is also transmitted to regional broadcast points through satellites.

In addition, Naspers receives a significant amount of its programming through satellites. Satellites are subject to significant risks. These risks include defects, launch failure, incorrect orbital placement and destruction and damage that may prevent or impair proper commercial operations. All satellites have limited useful lives, which vary as a result of their construction, the durability of their components, the capability of their solar arrays and batteries, the amount of fuel remaining once in orbit, the launch vehicle used and the accuracy of the launch.

The operation of satellites is beyond Naspers' control. Future launch failures or disruption of the transmissions of satellites that are already operational could adversely affect Naspers' operations. In addition, Naspers' ability to transmit its programming following the end of the expected useful lives of the satellites Naspers currently uses and to broadcast additional channels in the future will depend upon Naspers' ability to obtain rights to utilize transponders on other satellites.

In the event of a satellite failure, Naspers would need to make alternative arrangements for transponder capacity. Naspers cannot assure you that it could obtain alternative capacity rights on commercially reasonable terms or at all.

Unauthorized access to Naspers' programming signals is difficult to prevent and may adversely affect Naspers' revenues and programming arrangements. Naspers faces the risk that its programming signals will be obtained by unauthorized users. The delivery of subscription programming requires the use of encryption technology to prevent unauthorized access to programming, or "piracy". Naspers currently utilizes encryption technology supplied by Irdeto Access.

This encryption technology, to remain effective in preventing unauthorized access, needs to continually be updated or replaced with newer technology. For example, Naspers recently invested in new smartcards, credit card-size devices with embedded processors that provide entitlement functions and store decryption keys and digital signatures that are inserted in set-top boxes for access to subscription television services.

Naspers will continue to incur substantial expenditures to replace or upgrade its encryption technology in the future. No encryption technology is able to completely prevent all piracy, and virtually all pay-television markets are characterized by varying degrees of piracy. In addition, encryption technology cannot prevent the illegal retransmission or sharing of a television signal once it has been decrypted.

If Naspers fails to adequately control unauthorized access to its transmissions, its ability to contract for programming services could be adversely affected and in any event it will lose subscribers who can then receive pirated signals. Government regulations may adversely affect Naspers' ability to conduct its businesses and generate operating profits. Pay-television, Internet and other pay-media operations and the provision of programming services are generally subject to governmental regulation in the countries in which Naspers operate.

In these industries, governmental regulation can take the form of price controls, service requirements, programming content restrictions, foreign ownership restrictions and licensing requirements. Delays in obtaining or renewing any necessary regulatory approvals could adversely affect Naspers' ability to offer some of or all its services. In most of the countries in which Naspers conducts its pay-television businesses, it operates under licenses obtained from governmental or quasi-governmental agencies.

These licenses are subject to periodic renewal, and Naspers cannot assure you that they will be renewed on terms as favorable as the existing licenses or at all. The terms of any future license could require Naspers to give up exclusivity, add local content or issue shares to empowerment groups. Naspers cannot assure you that adverse changes in the regulatory framework of any country in which Naspers operates will not occur in the short or long term.

South Africa, Thailand and Greece have relatively new media and competition laws, and the relevant regulatory authorities may increase their regulation of Naspers' businesses in these countries, including pay-television and print media. Naspers expects the South African Competition Commission to increase its focus on media businesses and potentially to take actions designed to introduce new entrants into Naspers' markets and to cause existing operators to lower prices. Naspers cannot predict the likely impact that any such action by the Competition Commission could have on the operation of its businesses, but the impact could be material.

In addition, there are several legislative proposals pending and other initiatives underway in all markets that could materially impact how Naspers conducts its business. Failure to maintain Naspers' relationships with its partners, suppliers and local governments could disrupt Naspers' businesses. Many of Naspers' operations have been developed in cooperation or partnership with key local parties.

With regard to these operations, Naspers is dependent on its local partners to provide knowledge of local market conditions and to facilitate the acquisition of any necessary licenses and permits. Any failure by Naspers to form or maintain alliances with local partners, or the pre-emption or disruption of these alliances by Naspers' competitors or otherwise, could adversely affect Naspers' ability to penetrate and compete successfully in many important markets.

Naspers' businesses are dependent on their relationships with international suppliers, including major film studios as discussed above and book publishers. For example, if Jonathan Ball, Nasboek's English-language publisher, lost any of its agency contracts with international publishers, Jonathan Ball's profitability and competitive position would be adversely affected. Some of Naspers' businesses may also be vulnerable to local governmental or quasi-governmental entities or other third parties who wish to renegotiate the terms and conditions of their agreements or other understandings with Naspers or who wish to terminate these agreements or understandings.

Adverse developments with respect to Naspers' relationships with its partners or with local governmental or quasi-governmental entities could adversely affect Naspers' business strategy and results of operations in important markets.

Consolidation in the markets in which Naspers operates could place it at a competitive disadvantage. Some of the markets in which Naspers operates have experienced significant and rapid consolidation. In particular, the combinations of traditional media content companies and new media distribution companies have resulted in new valuation methods, business models and strategies. Naspers cannot predict with certainty the extent to which these types of business combinations may continue to occur in the future or the success that these combined businesses may achieve.

The on-going. Naspers' intellectual property rights may not be adequately protected under current laws in some jurisdictions, which may adversely affect its results and ability to grow. Naspers' products are largely comprised of intellectual property content delivered through a variety of media, including magazines, newspapers, books, television and the Internet.

Naspers relies on trademark, copyright, trade secret and other intellectual property laws and employee and third party non-disclosure agreements to establish and protect its proprietary rights in these products.

Naspers conducts business in countries where the extent of the legal protection for its intellectual property rights is not well-established or is uncertain. Even where the legal protection for Naspers' intellectual property rights is well-established, Naspers cannot assure you that its intellectual property rights will not be challenged, limited, invalidated or circumvented.

Despite patent, trademark and copyright protection, third parties may be able to copy, infringe or otherwise profit from Naspers' intellectual property rights without its authorization. The lack of Internet-specific legislation relating to trademark and copyright protection creates a further challenge for Naspers to protect content delivered through the Internet and electronic platforms.

If unauthorized copying or misuse of Naspers' products were to occur to any substantial degree, Naspers' business and results of operations could be adversely affected. Litigation may be necessary to protect Naspers' intellectual property rights, which could result in substantial costs and the diversion of Naspers' efforts away from operating its business. Legal claims in connection with content that Naspers distributes may require Naspers to incur significant costs or to enter into royalty or licensing agreements, which could adversely affect Naspers' competitive position.

The content Naspers makes available to customers through its publishing, pay-television and Internet businesses could result in claims against it based on a variety of grounds, including defamation, negligence, copyright or trademark infringement or obscenity. In particular, Naspers expects that software developers will increasingly be subject to claims asserting the infringement of other parties' proprietary rights as the number of products and competitors providing software and services increases.

Any such claim, with or without merit, could result in costly litigation or might require Naspers or MIH Limited to enter into royalty or licensing agreements. These royalty or licensing agreements, if required, may not be available on terms acceptable to Naspers or MIH Limited or they may not be available at all. As a result of infringement claims, a court could also issue an injunction preventing the distribution of certain products.

Naspers may incur significant costs defending these claims. Keeromstraat 30 Beleggings Limited holds The members of the board of directors of Naspers also are the members of the boards. Historically, trading volumes and the liquidity of shares traded on the JSE Securities Exchange South Africa have been low in comparison with other markets.

Naspers does not know, and cannot accurately forecast, the likely trading volumes or liquidity of Naspers' ADSs if and when they commence trading on the Nasdaq National Market. Application has been made to list the Naspers ADSs to be issued in connection with the merger and the related transactions on the Nasdaq National Market. Naspers ADSs may not be listed on the Nasdaq National Market if they fail to meet any listing criterion, including, among others, a minimum U.

In addition, the depositary's liability to holders of Naspers ADSs for failing to carry out voting instructions or for the manner of carrying out voting instructions is limited by the deposit agreement governing the Naspers American Depositary Receipt facility.

As a result, holders of Naspers ADSs may not be able to exercise their right to vote and may not have any recourse against the depositary or Naspers if their shares are not voted as they have requested. Holders of Naspers ADSs will have limited recourse if Naspers or the depositary fail to meet their obligations under the deposit agreement or if they wish to involve Naspers or the depositary in a legal proceeding. The deposit agreement expressly limits the obligations and liability of Naspers and the depositary.

Neither Naspers nor the depositary will be liable if they:. In addition, the depositary and Naspers only have the obligation to participate in any action, suit or other proceeding with respect to the Naspers ADSs which may involve them in expense or liability if they are indemnified. These provisions of the deposit agreement will limit the ability of holders of Naspers ADSs to obtain recourse if Naspers or the depositary fail to meet their obligations under the deposit agreement or if they wish to involve Naspers or the depositary in a legal proceeding.

The U. Securities and Exchange Commission, or "SEC", encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning the potential exposure of Naspers or MIH Limited to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "objectives", "outlook", "probably", "project", "will", "seek", "target" and similar terms and phrases.

All subsequent forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. Naspers undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Naspers' Corporate Structure. The following organizational chart presents a detailed Naspers' group structure and the legal ownership of some of Naspers' significant subsidiaries, by economic interest, after giving pro forma effect to the merger and related transactions and the OpenTV transaction and excluding interests held by employee share trusts.

Naspers' Significant Subsidiaries. The following table presents, after giving pro forma effect to the merger and related transactions and the OpenTV transaction, each of Naspers' significant subsidiaries including direct and indirect holdings , the area of business, the country of incorporation and percentage of shares of each subsidiary owned by Naspers.

The meeting is being held so that MIH Limited shareholders may consider and vote upon proposals to approve the merger and the plan of merger, and to transact any other business that is duly presented at the meeting in relation to the merger. Only shareholders of record on the close of business on the record date are entitled to notice of and to vote at the meeting. MIH Limited's articles of association require two-thirds of the outstanding ordinary shares of MIH Limited entitled to vote at the meeting to be represented, in person or by proxy, to constitute a quorum at the meeting.

The affirmative vote, by poll, of two-thirds of the total voting power of all the outstanding ordinary shares of MIH Limited voting together as a single class is required to approve the merger. Please complete, date and sign the accompanying proxy and promptly return it in the enclosed envelope or otherwise mail it to MIH. If you abstain or fail to vote, it will have the same effect as a vote against approval of the merger.

You should follow the directions provided by your broker or nominee on how to give these instructions. Failure to provide instructions to your broker or nominee will have the same effect as a vote against approval of the merger and any other proposal to be voted on at the meeting.

MIH Limited does not expect that any other matter will be brought before the meeting. If, however, other matters are properly presented, the persons named as proxies will vote in accordance with their judgment with respect to those matters, unless authority to do so is withheld in the proxy. You may revoke your proxy at any time before it is exercised at the meeting by taking any of the following actions:.

Attendance at the meeting will not in and of itself constitute the revocation of a proxy. You have dissenters' rights under the laws of the British Virgin Islands. If you exercise your right to dissent, you must do so with respect to your entire shareholding in MIH Limited. Upon giving a written notice of objection to the merger, the shareholder giving the notice ceases to have any of the rights of a shareholder except the right to be paid the fair value of his or her shares.

Under the laws of the British Virgin Islands, the fair value of the shares will be determined as of the close of business on the day prior to the date on which the vote to approve the merger was taken, excluding any appreciation or depreciation in the value of the shares directly or indirectly induced by the announcement of the merger. The appraisers may determine that the fair value of the shares is different from the cash price determined by MIH BVI to be their fair value.

Upon the surrender of the dissenting shareholders' certificates representing their shares, MIH BVI will pay, in cash, the fair value of the shares determined by the appraisers. The completion of the merger is conditional upon the completion of other transactions involving Naspers and certain of its other subsidiaries. This section also briefly summarizes the related transactions to be completed by Naspers and certain of its subsidiaries. Please refer to "Structure of the Naspers Group" for a chart showing the group structure before and after the merger and related transactions.

The draft plan of merger will be executed upon the merger being approved by MIH Limited shareholders. The merger will be completed concurrently with the related transactions and will be legally effective upon the signing of the plan of merger and the filing of the articles of merger with the Registrar of Companies of the British Virgin Islands.

The terms and conditions of the merger are set forth in the draft plan of merger. In addition to the switch ratio described above, the draft plan of merger provides that the completion of the merger is conditional upon the merger being approved by MIH Limited's shareholders in general meeting and upon the completion of the scheme of arrangement proposed by Naspers between MIH Holdings and its shareholders, other than Naspers and MIH Investments, which requires the approval of three-fourths of the shareholders of MIH Holdings other than Naspers and MIH Investments.

Documents governing the scheme of arrangement have been filed with the U. MIH Limited and MIH Holdings propose to amend the trust deed which governs each share scheme to reflect the changes to each share scheme resulting from the merger and related transactions. Naspers is considering establishing two new share incentive schemes for employees of the Naspers group.

The board of directors of each of Naspers and MIH Limited believe that the merger and related transactions will significantly simplify the corporate structure and operation of Naspers and MIH Limited. For these reasons, none of these alternatives was as attractive to Naspers and MIH Limited as the proposed merger and related transactions.

Naspers' board of directors believes that. Naspers' board of directors also believes that the merger and related transactions will:. The discussion above lists all of the material factors considered by the boards of directors of Naspers and MIH Limited.

Accordingly, Naspers' interests in the merger may differ from the interests of some other shareholders of MIH Limited. In considering the recommendation of MIH Limited's board of directors to approve the merger, you should be aware that none of the members of MIH Limited's board of directors have any material interest in the merger that is different from, or in addition to, the interests of shareholders generally. The merger and related transactions will be material related party transactions among Naspers, MIH Limited and their respective affiliates.

To the extent the equity private placement raises less than the amount necessary to cover the costs of any dissenting shares, Naspers anticipates funding the shortfall through a combination of cash on hand and bank financing. MIH Limited retained Merrill Lynch to act as its financial advisor in connection with the merger and related transactions. The summary of Merrill Lynch's fairness opinion set forth below is qualified in its entirety by reference to the full text of the opinion.

You are urged to read the opinion carefully in its entirety. It is directed only to the fairness, from a financial point of view, of the MIH Limited Switch Ratio to MIH Limited shareholders, other than Naspers and its affiliates, and does not address any other aspect of the merger and related transactions, including the merits of the underlying decision by MIH Limited to engage in the merger transaction, and does not constitute a recommendation to any shareholder as to how such shareholder should vote on the proposed merger or any matter related.

In preparing its opinion to the MIH Limited board of directors, Merrill Lynch performed a variety of financial and comparative analyses, including those described below. MIH Limited, MIH Holdings or Naspers did not provide specific instructions to, or place any limitations on, Merrill Lynch with respect to the procedures to be followed or factors to be considered by it in performing its analysis or delivering its opinion.

The summary set forth below does not purport to be a complete description of the analyses underlying Merrill Lynch's opinion or the presentation made by Merrill Lynch to the MIH Limited board of directors. The preparation of a fairness opinion is a complex analytic process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not readily susceptible to partial analysis or summary description.

In arriving at its opinion, Merrill Lynch did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, Merrill Lynch believes that its analyses must be considered as a whole and that selecting portions of its analyses and factors, without considering all of the analyses and factors, or the narrative description of the analyses, would create a misleading or incomplete view of the process underlying its opinion.

In performing its analyses, Merrill Lynch made numerous assumptions with respect to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond the control of Merrill Lynch or MIH Limited. Any estimates contained in the analyses performed by Merrill Lynch are not necessarily indicative of actual values or future results, which may be significantly more or less favorable than suggested by such analyses.

Additionally, estimates of the value of businesses or securities do not purport to be appraisals or to reflect the prices at which such businesses or securities might actually be sold. Accordingly, such analyses and estimates are inherently uncertain. In addition, as described above, Merrill Lynch's opinion was among several factors taken into consideration by the MIH Limited board of directors in making its determination to approve the merger transaction.

In arriving at its opinion, Merrill Lynch, among other things, did the following:. In preparing its opinion, Merrill Lynch assumed and relied on the accuracy and completeness of all information supplied or otherwise made available to Merrill Lynch, discussed with or reviewed by or for Merrill Lynch, or publicly available. Merrill Lynch did not assume any responsibility for independently verifying such information or undertaking an independent evaluation or appraisal of any of the assets or liabilities of MIH Limited, Naspers or MIH Holdings and was not furnished with any such evaluation or appraisal.

Merrill Lynch also assumed that the final form of the plan of merger will be substantially similar to the last draft reviewed by it. Merrill Lynch's opinion is necessarily based upon market, economic and other conditions as they existed and could be evaluated on, and on the information made available to Merrill Lynch as of, the date of the opinion.

Merrill Lynch has assumed that, in the course of obtaining the necessary regulatory or other consents or approvals contractual or otherwise for the merger, no restrictions, including any divestiture requirements or amendments or modifications, will be imposed that will have a material adverse effect on the contemplated benefits of the merger.

In connection with the preparation of its opinion, Merrill Lynch was not authorized by MIH Limited or its board of directors to solicit, nor did it solicit, third-party indications of interest for the acquisition of all or any part of MIH Limited. The following summaries of financial analyses include information presented in tabular format. You should read these tables together with the text of each summary. Merrill Lynch calculated the ratio of the U.

Merrill Lynch analyzed certain information relating to transactions across a variety of industries since , where a controlling shareholder acquired shares from the minority shareholders of a publicly traded company. Merrill Lynch obtained all of the information for the analysis from publicly available sources. Merrill Lynch analyzed each transaction by comparing the "target" value per share implied by the offers with the share of the "target" company prior to the announcement of the transaction.

Merrill Lynch also reviewed per share information for Naspers and MIH Limited that it calculated on the basis of publicly available analyst reports. Merrill Lynch is acting as financial advisor to both MIH Limited and MIH Holdings in connection with the merger and related transactions and will receive a customary fee from MIH Limited and MIH Holdings for its services, a significant portion of which is contingent upon the consummation of all or parts of the merger and related transactions.

Merrill Lynch may continue to provide these financial advisory and financing services and to receive fees for rendering these services and may participate in financing, acquisition and divestiture transactions in the future. In addition, in the ordinary course of Merrill Lynch's business, Merrill Lynch may actively trade MIH Limited shares and other securities of MIH Limited, as well as securities of MIH Holdings and Naspers, for Merrill Lynch's own account and for the accounts of customers and, accordingly, may at any time hold a long or short position in those securities.

The Related Transactions. She serves as chief operating officer at Coinbase, Inc. She oversees operations in seven countries, across three continents. Since joining Coinbase in early , she has overseen more than 10 acquisitions and 50 venture investments. She has also worked in corporate development and strategy roles at Warner Bros.

Entertainment Inc. She is also on the board of directors of ZipRecruiter, Inc. Craig Enenstein American is an independent non-executive director. He is also the chief executive officer of Corridor Capital, LLC, an operationally intensive private equity firm focused on the lower middle market. Don Eriksson South African is an independent non-executive director. He is a qualified South African chartered accountant and holds a certificate in the Theory of Accountancy from the University of the Witwatersrand.

Manisha Girotra Indian is an independent non-executive director. She is the chief executive officer of Moelis India. She has more than 25 years of investment banking experience, with crossborder mergers and acquisitions expertise across a broad range of industries. She holds a BAHons in economics from St.

Rachel Jafta South African is an independent non-executive director. She is a professor in economics at Stellenbosch University. She joined Naspers as a director in and was appointed a director of Media24 in She was appointed as chair of the Media24 board of directors in April She is the chair of the Media24 nomination committee.

Nolo Letele South African is a non-executive director. Debra Meyer is professor of biochemistry and executive dean of the faculty of science at the University of Johannesburg. Debra Meyer South African is an independent non-executive director. She is a professor of biochemistry and executive dean of the Faculty of Science at the University of Johannesburg. She has completed modules in media strategy and academic leadership at Harvard University and the Gordon Institute of Business Science, University of Pretoria and makes regular contributions to several newspapers and magazines.

She serves as a trustee or board member for several organisations. Roberto Oliveira de Lima Brazilian is an independent non-executive director. He developed his career at companies like Accor S. He was chair and chief executive officer of Credicard Group, chief executive officer of Vivo S. He was previously a board member of Edenred S. Casino and Natura in Brazil. Steve Pacak South African is a non-executive director.

He began his career with Naspers at M-Net in and has held various executive positions in the Naspers group. He was appointed as an executive director of Naspers in and a non-executive director on the Naspers board on 15 January Mark is a non-executive director of the Naspers board. He retired on 26 February after more than 20 years with the group. Mark Sorour Mark Sorour is a non-executive director. He joined the Naspers group in , leading business development and corporate finance, globally.

On 31 March , he retired after more than 20 years with the Naspers group. He remained on the Naspers board as a non-executive director. Cobus Stofberg is a founder member of M-Net in Cobus Stofberg South African and Dutch is a non-executive director. He served as chief executive officer of the group from to , and has been instrumental in the expansion of the Naspers group.

Ben van der Ross South African is an independent non-executive director. He is also a director of Naspers Beleggings. She has two decades of HR leadership experience in fast-growing consumer internet and hi-tech companies. Before joining Naspers, Aileen spent 10 years with eBay where she led HR for eBay Europe and Global Classifieds and also helped to grow and scale businesses in the fintech, eTail and online comparison-shopping sectors.

David has advised the Naspers group of companies since Before joining the group full time, he was a partner in Mallinicks Attorneys now Webber Wentzel and worked in London at two leading international law firms. Before Sigma Capital she held the position of CEO at Shanduka Group, an investment holding company which she joined in and left in Phuthi began her career at Fieldstone in New York in , eventually leaving the business as Vice President. Martin is responsible for Classifieds operations at Naspers, managing the OLX Group portfolio which includes dubizzle, Avito and letgo.

In seven years prior to Naspers, he held a variety of senior roles in internet companies, first at eBay and then at Schibsted. Martin has worked in all life-cycle phases, from starting a greenfield operation to managing a mature, multi-national internet company. He has also written about business problem solving in his book, Thinking Backwards, which was published in five languages.

Prior to starting his career in technology, he worked for seven years in business consulting at McKinsey. He is responsible for global operations and brings extensive knowledge of digital payments and high-growth markets to PayU. Laurent started his career as a business analyst at McKinsey, before founding TalentManager in TalentManager is a leading recruitment software provider and he spent three years growing the business, successfully selling the Italian operation.

Larry is CEO for Ventures and also responsible for group ecommerce strategy. His team identifies emerging trends, acquiring and operating disruptive platforms for the group. He has more than 20 years of professional experience and more than a decade with leading, global internet companies.

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INVESTMENT ADVISOR ACT OF 1940 RULE 204A-1 ENFORCEMENT

She was appointed as chair of the Media24 board of directors in April She is the chair of the Media24 nomination committee. Nolo Letele South African is a non-executive director. Debra Meyer is professor of biochemistry and executive dean of the faculty of science at the University of Johannesburg.

Debra Meyer South African is an independent non-executive director. She is a professor of biochemistry and executive dean of the Faculty of Science at the University of Johannesburg. She has completed modules in media strategy and academic leadership at Harvard University and the Gordon Institute of Business Science, University of Pretoria and makes regular contributions to several newspapers and magazines. She serves as a trustee or board member for several organisations. Roberto Oliveira de Lima Brazilian is an independent non-executive director.

He developed his career at companies like Accor S. He was chair and chief executive officer of Credicard Group, chief executive officer of Vivo S. He was previously a board member of Edenred S. Casino and Natura in Brazil. Steve Pacak South African is a non-executive director.

He began his career with Naspers at M-Net in and has held various executive positions in the Naspers group. He was appointed as an executive director of Naspers in and a non-executive director on the Naspers board on 15 January Mark is a non-executive director of the Naspers board.

He retired on 26 February after more than 20 years with the group. Mark Sorour Mark Sorour is a non-executive director. He joined the Naspers group in , leading business development and corporate finance, globally. On 31 March , he retired after more than 20 years with the Naspers group. He remained on the Naspers board as a non-executive director. Cobus Stofberg is a founder member of M-Net in Cobus Stofberg South African and Dutch is a non-executive director.

He served as chief executive officer of the group from to , and has been instrumental in the expansion of the Naspers group. Ben van der Ross South African is an independent non-executive director. He is also a director of Naspers Beleggings. She has two decades of HR leadership experience in fast-growing consumer internet and hi-tech companies. Before joining Naspers, Aileen spent 10 years with eBay where she led HR for eBay Europe and Global Classifieds and also helped to grow and scale businesses in the fintech, eTail and online comparison-shopping sectors.

David has advised the Naspers group of companies since Before joining the group full time, he was a partner in Mallinicks Attorneys now Webber Wentzel and worked in London at two leading international law firms. Before Sigma Capital she held the position of CEO at Shanduka Group, an investment holding company which she joined in and left in Phuthi began her career at Fieldstone in New York in , eventually leaving the business as Vice President. Martin is responsible for Classifieds operations at Naspers, managing the OLX Group portfolio which includes dubizzle, Avito and letgo.

In seven years prior to Naspers, he held a variety of senior roles in internet companies, first at eBay and then at Schibsted. Martin has worked in all life-cycle phases, from starting a greenfield operation to managing a mature, multi-national internet company. He has also written about business problem solving in his book, Thinking Backwards, which was published in five languages.

Prior to starting his career in technology, he worked for seven years in business consulting at McKinsey. He is responsible for global operations and brings extensive knowledge of digital payments and high-growth markets to PayU. Laurent started his career as a business analyst at McKinsey, before founding TalentManager in TalentManager is a leading recruitment software provider and he spent three years growing the business, successfully selling the Italian operation.

Larry is CEO for Ventures and also responsible for group ecommerce strategy. His team identifies emerging trends, acquiring and operating disruptive platforms for the group. He has more than 20 years of professional experience and more than a decade with leading, global internet companies. Previously, he spent eight years as senior executive at eBay, responsible for strategy and general management of many of its global marketplaces and classifieds assets.

Prior to eBay, he spent several years as strategy advisor for leading global consumer goods companies. Charles is responsible for the group's listed internet assets, including Tencent Holdings Limited. Charles is a member of the Institute of Chartered Accountants in Australia. Ishmet Davidson joined Media24 in as head of community newspapers.

We operate with integrity by applying appropriate corporate governance, risk policies and business practices. We believe in a connected world - one where the power of local is unlocked to make the world a better place. And we run our business with that philosophy front of mind. The Naspers voting control structure ensures the continued independence of the group. We recognize that the tax we pay is an important element of our broader economic and social contribution to the countries where we operate.

Naspers half-year results for the six months ended 30 September Learn more here. Naspers is a global internet group and one of the largest technology investors in the world. Naspers companies operate and invest in countries and markets across the world with long-term growth potential.

We invest in some of the world's leading internet companies. Our strategy. Bob van Dijk Chief executive officer and executive director Bob van Dijk Dutch is our chief executive officer and an executive director. And Tencent is not just a gaming company either. Social advertising only makes up WeChat Moments are currently limited to 2 ads per day, a fraction of what users see on other social platforms.

Engagement continues to be very strong as well with reports that WeChat users spend more time every day on the platform than Facebook users. Tencent also owns stakes in other high growth internet companies such as Reddit, Pinduoduo and Meituan. This was largely due to the Chinese government suspending approval for new games and broad market sell-offs in emerging market shares and technology shares. Firstly, there are concerns that Naspers will have to pay capital gains tax when it sells its shares in Tencent, since South Africa imposes a This is because South African tax laws require Naspers to pay capital gains tax only on the Tencent shares sold to South African investors.

South African institutional shareholders were also likely to become forced sellers. This seems to be a significant factor in the discount, with some shareholders calling for Naspers to move its primary listing to the US instead. Naspers turned down that suggestion due to tax implications. As a result, management have been attempting to demonstrate they can monetise their assets.

They sold their They plan to spin-off their video entertainment business sometime this year. While the discount is unlikely to close in the short term, we believe the fundamental value of the business should reflect in the share price at some point. MultiChoice has a monopoly position in paid TV in South Africa and is dominant in 15 other countries in Africa, with over 13 million subscribers.

OLX Group operates in 41 markets and has million monthly users. Tencent is an internet company worth watching. It has a strong earnings moat within its domestic market in mobile games and social media, and significant growth opportunities to expand its reach in gaming, advertising, media and mobile payments. Buying Tencent through Naspers offers value to long term investors, given the significant discount Naspers trades to the value of its Tencent shares.

However, we are not making recommendations to buy or sell holdings in a specific company. It is general in nature as it has been prepared without taking account of your objectives, financial situation or needs. Why women should inv. Why and how financia. Bryna Howes. Understanding cyclic. A good understanding.

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Naspers is a global internet group and one of the largest technology investors in the world. Founded in , Naspers is a global internet group and one of the largest technology investors in the world. Naspers Foundry made its first investment of ZAR 30 million in online MAIL), bestbinaryoptionsbroker654.com International Limited (“Ctrip”) (NASDAQ:CTRP), and.