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} newTweetLink.innerHTML = ' Tweet'; Naspers, Africa’s largest company, owns shares in Shenzhen-based Tencent that are valued about US$133 billion. }); Earlier this year the Competition Commission (CompCom) recommended the approval of the merger on condition that Media24 unbundle its 93.88% stake in Novus to Naspers shareholders. You need help! Wheatfields has 12.63% of the voting rights in Naspers and is not part of the control structure. Caxton argued this before the Competition Tribunal in support of its application to intervene in proceedings that will consider a merger between JSE-listed printing company Novus and Media24. The development comes ahead of Naspers’ planned listing of its international investments — including the India portfolio — on Euronext Amsterdam by the second half of 2019. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", ‘No evidence’ that it causes more severe disease or increased mortality than any other variant, says health minister. The CompCom is of the view that the condition would address any competition concerns. Wheatfields, Keeromstraat and Nasbel gave further undertakings that they would dispose of the shares they receive as a result of the unbundling. However, on Wednesday Caxton argued before it that the merging parties in the latest notification again failed to fully disclose who controlled Naspers. Naspers has invested close to $3 billion in India and also owns financial technology … }); 5000 shares in Naspers gives my Trust ZERO influence – great increased value – but no say really (not that I thought I had any say with such a small holding. This meant the inquiry never took place. if (textParagraph) { jQuery('img[class*="wp-image-"]').bind('click', function () { }); Dubizzle has been fully acquired by Naspers, a South Africa-based investor through its subsidiary OLX Group, for $190 million (Dh697.7m). }, 500); Now, Tencent’s market cap is $660bn in round numbers. Please consider contributing as little as R20 in appreciation of our quality independent financial journalism. If Caxton is correct and the voting pool is indeed broken, it might mean a shift in control. function getSelectedText() { Naspers’ controlling structure is extremely complex.Â. ”He had been kicked in the head by a mule when young, and believed everything he read in the Sunday papers”. Sanlam is a 50% shareholder in Wheatfields. Wheatfields holds minority stakes in Nasbel and Keeromstraat, but that does not afford it with control. Media24 is controlled by Naspers. Oops! Last week, Naspers agreed to sell Allegro, a Polish online auction site, for $3,3bn, saying the sale was “consistent with the group’s strategy to find and unlock value for shareholders”. The benefit of this this control means that they can determine the strategy. This, Caxton contends, is corroborated in Naspers’ filings to the United States Securities and Exchange Commission and disclosures in its Annual Financial Statements. Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. if (document.selection.createRange) { The Naspers companies did not respond in detail to the allegations regarding its control structure. Its one of a few shares that is actually doing something and one of the largest on JSE. } }, false); Media24 is controlled by Naspers. Naspers, a large South African media group that was involved in propaganda activities during Apartheid, has apologized for its complicity, many years later. Nas­bel, in turn, owns 33,15 per­cent of the vot­ing rights in Naspers. It contends that Wheatfields is held by Sanlam (50%), the Goedgedacht Trust (16.6%), which is a related party to Naspers chairman Koos Bekker, and Sholto Investments (33.3%), an offshore company in which Bekker and Stofberg hold shares.Â. Mkhize says UK minister’s claims on Covid-19 variant ‘incorrect’, Africa var oldTweetLink = document.getElementById("tweetLink"); ‘’Ours is an unconventional business success story. Media24 has for years been engaging in anti-competitive behaviour. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/news/companies-and-deals/who-owns-naspers/&via=Moneyweb"; JOIN PREMIUM Vos, at the time Head: Secretariat and Intellectual Property at Naspers, stated in her affidavit that the locus of control in Naspers “clearly” rests with Nasbel, Keeromstraat and Wheatfields. jQuery(appendedTweetLink).css({ If Caxton is correct and the voting pool is indeed broken, it might mean a shift in control. Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Naspers also owns the leading price comparison sites PriceCheck in South Africa as well as the largest South Africa, traditional online trader Kalahari.com. Naspers is controlled through high-voting A-shares held by Nasbel, Keeromstraat 30 Belleggings (Keeromstraat) and Wheatfields Investments (Wheatfields). var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); Wheatfields had a legal representative on a watching brief at the hearing. The cartel controlling this share want to retain this control. "top": y, } tweetLink = createTweetLink(getSelectedText(), e); Media24 would retain only 19% of the shareholding and have no management control. Pauline Bax and Paul Burkhardt, Bloomberg, SA stocks fall as weak miners eclipse rising banks, High-flying execs redefine the notion of ‘essential worker’, The JSE in 2021: What seven asset managers expect. No annual fee increase for pharmacy professionals next year – council, General However, on Wednesday Caxton argued before it that the merging parties in the latest notification again failed to fully disclose who controlled Naspers. Terms of use. if (text === "") When Naspers invest in a company (34% in Tencent), it’s more like an enabling partnership than “ownership”. Read the ruling here .] If the tribunal found that at 19% shareholding there is still any control left, it would reduce its stake even further. Excluding Nasbel votes, the allocation of votes at Naspers shareholder meetings on such major matters would, according to Caxton, be as follows: Caxton states that it is clear that without the voting power of the Nasbel shares, Keeromstraat would not, on its own, be capable of maintaining the Naspers control structure. The companies argued that Caxton has nothing substantive to say about the unbundling condition. They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. Hofmeyr started the firm, receiving direct support from Jan Christiaan Smuts, J.B.M. newTweetLink.id = "tweetLink"; The current hearing is the result of this appeal decision. Media24 would retain only 19% of the shareholding and have no management control. Hertzog, and Louis Botha. Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { Naspers owns 72.66% of Prosus, which trades in Amsterdam. Koos Bekker is revered for transforming South African newspaper publisher Naspers into an ecommerce investor & cable TV powerhouse. The company argued that the tribunal first had to establish the identity of all the entities that directly or indirectly control Novus, and consider the competition concerns before it could deliberate whether the unbundling condition would address such concerns. Net sales (excluding discontinued operations) by activity break down as follows: - management of social platforms and digital content (77.6%): via Tencent and Mail.ru; The tribunal dismissed the case and the listing proceeded, but Caxton won the case on appeal. Below are several of the prominent companies which Naspers owns or has a significant stake in. We remain the maverick company of our early days, continuing to push the boundaries and display a free-spirited flair for print.’’. Media24 – Publisher of newspapers and magazines in South … SIGN IN At the time Caxton, which competes with Novus and Media24, tried to interdict the listing on the basis that it constituted a merger that should first be approved. Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Wheatfields had a legal representative on a watching brief at the hearing. Earlier this year the Competition Commission (CompCom) recommended the approval of the merger on condition that Media24 unbundle its 93.88% stake in Novus to Naspers shareholders. If the tribunal allows Caxton’s intervention and the full enquiry into the Naspers control structure, shareholders might get more clarity as to who directs strategy in the multinational group that carries huge weight on the JSE. Tencent's largest shareholder is Prosus (majority owned by Naspers), which owns 30.99% shares. } She is a member of the South African Economic Society and serves on the management committee of the Bureau for Economic Research at Stellenbosch University. The remaining shares in Nasbel, according to the commission, are widely held by 2 611 shareholders. Add alert for NPSNY Ticker: NPSNY; CUSIP Number: 631512209; Top investors of Naspers Ltd - N stock. Knowledge is power… and power is money. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Will holiday shopping save retailers this festive season? var googletag = googletag || {}; jQuery(this.parentElement).lightBox({ There should be a discount to listed net asset value (NAV) of about 25% for Prosus and about a further 20% for Naspers, says Malan. } var range = window.getSelection(); Nasbel and Keeromstraat hold 53% of the voting rights and vote in consultation with each other based on a voting pool agreement. If the commission failed to consider Wheatfields as part of the Naspers control structure, it also failed to consider any interests that Sanlam, Sholto, Goedgedacht, Bekker and Cobus Stofberg have in printing and publishing and could not have properly considered the effects of the merger, Caxton argues. The first big fund to invest in Naspers was Comerica Foreign Equity. return newTweetLink; function createTweetLink(text, e) { var x = (e.clientX + 5) + 'px', If the commission failed to consider Wheatfields as part of the Naspers control structure, it also failed to consider any interests that Sanlam, Sholto, Goedgedacht, Bekker and Cobus Stofberg have in printing and publishing and could not have properly considered the effects of the merger, Caxton argues. Naspers already owns 25 percent of Perskor, which owns the Citizen. The tribunal still had to give its approval. The remaining shares in Nasbel, according to the commission, are widely held by 2 611 shareholders. newTweetLink.target = "_blank"; The question still hasn’t been answered definitively: Who controls Naspers? That’s why they will fight this even if it costs millions. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { This, Caxton contends, is corroborated in Naspers’ filings to the United States Securities and Exchange Commission and disclosures in its Annual Financial Statements. Naspers is controlled through high-voting A-shares held by Nasbel, Keeromstraat 30 Belleggings (Keeromstraat) and Wheatfields Investments (Wheatfields). New Covid-19 variants: What we know so far, in 500 words, Health Media24 and Paarl Media Group then withdrew the notification of this merger and opted to list Novus. You can get more information about how we use cookies in our Based on in­for­ma­tion from Naspers, it seems Naspers con­trols it­self, or at least jointly, Cax­ton states. Are you an executive on a company pension? Naspers’ controlling structure is extremely complex. At the time Caxton, which competes with Novus and Media24, tried to interdict the listing on the basis that it constituted a merger that should first be approved. The voting pool would no longer operate and Keeromstraat would need the cooperation of Wheatfields to do so, which confers control on Wheatfields. Sanlam is a 50% shareholder in Wheatfields. return undefined; Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and Paarl Coldset. Caxton argued this before the Competition Tribunal in support of its application to intervene in proceedings that will consider a merger between JSE-listed printing company Novus and Media24. } var newTweetLink = document.createElement("a"); Media24 is Africa's largest publisher, printer, and distributor of magazines and related products, as well its largest newspaper publisher. Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. y = (e.clientY + 5) + 'px'; This meant the inquiry never took place. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", var range = document.selection.createRange(); They have been buying shelf space in stores (yes you pace for the space and the level on the shelf at which your product is displayed) and created and kept publications in these shelf spaces simply to keep competitor publishers out of the market. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. return range.text Wheatfields holds minority stakes in Nasbel and Keeromstraat, but that does not afford it with control. Therefore, Naspers holds an effective 22% of Tencent (72% x 31%). jQuery('html, body').animate({ They would argue that this is how they have added all the value which I would have to agree with. According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. Known as the "Rupert Murdoch of Africa", Bekker, who has a net worth of $1.1 billion according to Forbes, owns a 1.1 percent stake in Naspers which has stakes in … Must be a very profitable cartel to be protected – or could be professional jealousy as only uber rich businessmen can suffer from. Nasbel and Keeromstraat hold 53% of the voting rights and vote in consultation with each other based on a voting pool agreement. The Weekly Mail & Guardian understands that Nas- pers was part of a consortium that made a bid for the Cape Times. SA rejects UK claims over new coronavirus variant, Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and … Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. This implies that Naspers has an effective $145bn in value just in Tencent (22% x $660bn). "left": x SIGN OUT. Nasbel, in turn, owns 33.15% of the voting rights in … This fund is run by World Asset Management, the investment arm of HSBC. Naspers have no growth businesses in South Africa. According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. The CompCom is of the view that the condition would address any competition concerns. Naspers Labs is our flagship social impact project designed to transform and launch South Africa’s unemployed youth into economic activity. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. The investment from Naspers values Carousell at over $550 million and is a testament to Carousell’s ability to develop world-class online classifieds marketplace solutions in Southeast Asia. Who bought or sold Naspers Ltd - N Shs Spon Adr this quarter? The question still hasn’t been answered definitively: Who controls Naspers? }); Why mess with it in times of turmoil when people need to shore up their portfolios from the disaster of this regime? BACK TO CITIZEN } It argues that in terms of the JSE listing requirements, shares in such circular structures are treasury shares which cannot vote in major matters, including major transactions, schemes of arrangement, and take-over bids. Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. Naspers … If I was Koos and Co, I would acquire the ‘’original printing giants’’, unbundle it, strip out whatever assets is available, and donate the printing machines to the department of education. Shares rose after both announcements, bringing Naspers’s gains in Johannesburg this year to 7,1%. Our roots are deeply embedded in the country, and our heritage directly and indirectly correlates with that of many of South Africa’s original printing giants. The group said the year-on-year 5 percent decrease reflects that it owns 72.66 percent of Prosus compared to 100 percent a year earlier. If the tribunal allows Caxton’s intervention and the full enquiry into the Naspers control structure, shareholders might get more clarity as to who directs strategy in the multinational group that carries huge weight on the JSE. When Tencent stumbles the Naspers share value will collapse. Takealot co-CEO Kim Reid JSE-listed media and e-commerce giant Naspers has announced it will invest R960m in South African e-retailer Takealot Online — which owns Takealot.com and other assets — in the process taking a majority stake in the company. Wheatfields has 12.63% of the voting rights in Naspers and is not part of the control structure. They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. Wheatfields, Keeromstraat and Nasbel gave further undertakings that they would dispose of the shares they receive as a result of the unbundling. return range.toString() Naspers Limited is one of the world's leading Internet service providers. They can determine the strategy Keeromstraat has 2 843 shareholders, none of them being controlling.. Has a different view, largely based on a watching brief at the hearing Prosus ( majority by... Was the co-founder and Executive Chairperson of Sigma Capital director in 2003 and was appointed a director of media24 2007! Say about the unbundling condition costs millions pool is indeed broken, it would its. Keeromstraat hold 53 % of the unbundling think Caxton’s Mission Statement confirms that their core business is (! 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Overvalued and begging for the Cape Times to the commission, are widely held by Nasbel, turn! Perhaps, there is still any control left, it would reduce its stake even further a subsidiary.

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