Prosus is a venture capitalist, making high-risk high-reward investments. Having failed to clinch before valuations went through the roof and still grappling with the long-standing valuation mismatch,  he was left with little choice than to hand the money to shareholders. The focus on Prosus and Naspers has intensified as the companies deal with a valuation gap to Tencent. DURBAN - PROSUS shares rose more than 5 percent on the JSE on Friday after the Dutch technology giant said it intended to buy back up to $5 billion … Royal A One Brings Discount Car Rental Deals for Travelers Throughout Washington 1 MINIMALLY INVASIVE PHYSICIANS RECOGNIZED AS “TOP DOCS” BY WASHINGTONIAN MAGAZINE 2016 2017 2018 2019 He previously covered Apple and other technology companies for Bloomberg News in San Francisco. Prosus N.V., or Prosus, is the international internet assets division of Naspers. But just weeks after the listing, Prosus made a £4.9-billion bid to acquire the British food delivery platform Just Eat. Login to your OfferUp account to instantly connect with local buyers and sellers, shop, and manage your items. Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd. On Friday, van Dijk seemed to tacitly admit the struggle to find other investments that could rival Tencent in terms of value creation by announcing plans to buy back as much as $5 billion shares in itself and Naspers Ltd., the South African parent company from which Prosus was spun out last year. Prosus’s own value was just 135 billion euros as of Thursday’s close, including other investments in online classified, payment and food delivery businesses. We build leading companies that empower people and enrich communities See all our companies. An investor needs to trust that Prosus’ high-risk, high-reward investments and the Tencent … The buyback ought to provide some reassurance to investors that van Dijk is wary about overspending on deals, though he can always sell more Tencent stock to fund massive acquisitions when a lockup expires next year. As can be seen from Figure 1 , these discounts to NAV have gone pretty much one way since Prosus listed on 11 September 2019. Naspers holds 72% of Prosus and Prosus owns 31% of Tencent. In the days immediately after the Amsterdam listing in … Tencent's largest investor is listing its $130 billion stake in the Chinese internet giant on Euronext Amsterdam. Prosus's discount to net asset value is 40%. To close the gap, Naspers spun off 27.5% of these international investments into a separate company called Prosus … The listing by South African media conglomerate Naspers of assets including part of its Tencent stake via the new Prosus vehicle in Amsterdam in September was heralded as a way to reduce the deep discount to net asset value (NAV) at which Naspers shares trade.. That was all down to Tencent’s rapid growth, which helped Naspers grind out double-digit profits and deliver an uninterrupted flow of dividends. To contact the author of this story:Alex Webb at awebb25@bloomberg.net, To contact the editor responsible for this story:Nicole Torres at ntorres51@bloomberg.net. He has mapped out a sound plan to build Prosus on three pillars: online payments, food delivery and classifieds. Sell. Talk about nice-to-have corporate headaches, Bob van Dijk, the boss of Prosus, a unit of Naspers’ global internet behemoth, will tell you all about it. It is the latest attempt to narrow a persistent gap between the company's market value and that of its stake in China's Tencent Holdings Ltd. ... capitalize on the discount. Prosus said on Friday it would purchase up to R82 billion in its own and parent Naspers shares, as part of efforts to narrow a discount between its share price and underlying assets. Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. eBay’s classifieds business, but the US company chose another bidder. Naspers owns 72.66% of Prosus, which trades in Amsterdam. This begs the question: Why would Prosus Chief Executive Officer Bob van Dijk put the company’s money in anything else? It … It’s hard to find other investments that can deliver similar returns. Navigate Preview company Navigate Next company. Prosus shares closed 2.97 percent up at R1 626.93, while Naspers shares closed 3.98 percent higher at R3 152.32. Now, Tencent’s market cap is $660bn in round numbers. The Naspers/Prosus double-discount structure, coupled with excessive executive remuneration in the view of many market analysts, is a major headache that will be difficult to rectify. Yet five months later, the discount persists. Prosus’s own value was just 135 billion euros as of Thursday’s close, including other investments in online classified, payment and food delivery businesses. Source: Bloomberg. The global investment group is the largest consumer internet company in Europe, and among the largest technology investors in the world, operating across a variety of platforms and geographies. Prosus is a global consumer internet group and one of the largest technology investors in the world Go to content. The Naspers/Prosus double-discount structure, coupled with excessive executive remuneration in the view of many market analysts, is a major headache that will be difficult to rectify. Business Day TV caught up with Ziyad Joosub from Nedbank CIB for his thoughts on this move. He walked away from the deal earlier in 2020 but to be back in the M&A scene a few months later when he put in a $9bn cash offer for eBay’s classifieds business, but the US company chose another bidder. Prosus NV, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors. Even before the pandemic hastened the trend towards online shopping, food delivery and other technology platforms, and forced companies across the world to reckon with the new reality, Prosus investors were reluctant to give Van Dijk the thumbs up when he tried to buy a large UK food delivery business, Just Eat, for $8bn. Source: Sharenet Naspers subsidiary and the largest consumer internet company in Europe, Prosus continued to benefit from its holding in the fast-growing Chinese behemoth Tencent, while its own food-delivery businesses were bolstered by the … Prosus said last month it … Prosus owns a 30.9% stake in Asia’s online software and payments giant Tencent worth nearly 200 billion euros at Thursday’s closing price. 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Would you like to comment on this article or view other readers' comments? Van Dijk isn’t so much cutting the Gordian knot as learning to live with it. The Dutch firm still became Europe’s largest tech company by market capitalization this week after SAP SE shares declined following a profit warning. Even though Takeaway.com NV ultimately bought Just Eat, Prosus continues to trade at a discount to the value of its assets. (Bloomberg) -- Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd.The group will aim to pick up $1.37 billion of its own stock and $3.63 billion of Naspers, Amsterdam-based Prosus said in a … Tencent’s share has jumped almost 57% so far in 2020, driven by investor interest in tech stocks amid the Covid-19 pandemic. The massive Tencent stake is funding these risky investments. Naspers has long traded at a discount to the value of its Tencent stake alone. But the Prosus control structure makes it immune to outside influence on strategy and puts off a universe of active investors who want to have a say on its behaviour. In what is a seller’s market, shareholders would have rightly frowned upon an attempt to deploy a R120bn mergers and acquisition budget Prosus flaunted in April. EDITORIAL: Tencent discount needs Naspers to give up control of Prosus CEO Bob van Dijk might have to wrestle with the valuation conundrum a while longer 10 November 2020 - 05:08 Tencent’s share has jumped almost 57% so far in 2020, driven by investor interest in tech stocks amid the Covid-19 pandemic. Tencent: the … Prosus hopes to close discount to NAV with $5bn share buyback. “The idea of narrowing the discount to NAV has spectacularly failed,” he wrote. But just weeks after the listing, Prosus made a 4.9 billion-pound ($6.4 billion) bid to acquire the British food delivery platform Just Eat Plc. In this write-up, I will dive deep into the company’s high-risk high-reward investments, which is one of the major reasons why this discount is occurring. Brexit deal is finally reached — here’s what’s in it, Trump pardons Paul Manafort and son-in-law’s father Charles Kushner, SA Rugby boss ordered to pay Stellenbosch University R37m, Australia appoints Zimbabwe-born Andy Marinos as rugby chief, Safa to ask home affairs to not grant work permit to new Chippa coach Luc Eymael, Wanted Online: Seven knockout hotels in the US that are worth top dollar, Mbalula extends driver’s licence grace period to August 2021, Grace period is extended for car licences that expired during lockdown, Vegan diet: how your body changes from day one. Government announces R1bn relief programme for small-scale farmers, Consumer confidence improves in fourth quarter, EXCLUSIVE: Anglo to hold serious policy talks in Zambia, says CEO Cutifani, Digitally enable and transform your business, Integrated Reporting Awards: Transparency is key to reports. In the days immediately after the Amsterdam listing in September 2019, the ploy proved successful, as Prosus traded closer to the value of its holding in the Chinese firm. But he said that even if Prosus’s other assets were valued at zero, you would still be buying Tencent at a discount of about 20pc. These categories enjoyed booming demand from consumers ordered to stay at home across the world in the global fight to contain the Covid-19 pandemic, triggering chase from other deep-pocketed companies forced to look for new revenue streams to make up for the sales destroyed by lockdowns. By Loni Prinsloo (Bloomberg) – Prosus NV plans to buy back a combined $5 billion of shares in the global e-commerce giant and its South African parent Naspers Ltd., a move designed to boost shareholder value and narrow a discount between the company and its stake in Tencent … Indeed, it trades at a $59 billion discount to the … That's where the move to … Simple. In research on Smart Karma on January 22, Artherton points out that direct investment in Tencent since the Prosus listing would have outperformed buying either Naspers or Prosus. Before it's here, it's on the Bloomberg Terminal. Read more at the SA government's online coronavirus portal or use the 24-hour public hotline: 0800 029 999. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. At the end of the day, having a smaller discount to NAV would be a good thing for existing shareholders,” Treherne said. Given that Naspers is worth roughly 30% less than the value of its 73% stake in Prosus, Van Dijk’s series of actions, including separately listing Prosus in Europe, have failed to narrow the discount. No matter how fast the Prosus team runs to chase down the discount, the Tencent team will be running considerably faster driving it up.Being the Internet, there might of course be some totally unseen and currently unseeable scenario that could p As the world went into meltdown, life has been good in the happy little bubble that is Taiwan. The Naspers share-price discount to the value of its Internet-heavy portfolio of assets is growing even amid a post-pandemic shift to digital technology.. Shares in South Africa-based Naspers have climbed this year, pulled up more than 30% by the jewel in the crown, the company’s 31% stake in Chinese Internet giant Tencent. Currently, we estimate the Naspers discount to NAV to be c. 45.2% and the Prosus discount to NAV c. 30.2%. Photographer: Deng Qingle/China News Service. READ MORE Naspers still a discounted venture capital fund after Prosus listing. By Sandile Mchunu Nov 2, 2020. Tencent is at the very centre of the global metaverse; Prosus is on the edge trying to pick up scraps. Over the same period of time, Naspers has risen 32.7% and Prosus … Why would the European tech company invest in anything but Tencent? WATCH: Will bitcoin continue its upward trend in 2021? Navigate Preview company Navigate Next company. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd. Tencent Investor Prosus Launches $5 Billion Buyback in Bid to Close Value Gap Naspers, Africa’s most valuable listed company and Prosus parent, has struggled to … Naspers shares in Johannesburg were … The company’s shares tumbled, reopening the valuation gap to the Tencent holding. The Dutchman has been preoccupied for much of the past five years since his appointment unlocking value trapped in Naspers’ share price, which continues to trade at a hefty discount to its 31% stake in its Chinese money-spinner, Tencent Holdings. Prosus share price leapt to R1 650 on Friday, while Naspers shares also gained more than 4 percent to R3 171. This implies that Naspers has an effective $145bn in value just in Tencent (22% x $660bn). If Prosus is included in the Eurostoxx 50 index in September as expected, it’s hoped the investment inflows will drive the price up and help narrow the discount between Prosus and Tencent… On Jan. 21, Naspers proposed selling more Prosus shares to institutional investors in Europe, and closed the sale the very next day. An announcement in recent days that Prosus, which houses the company's international assets including the investment in Tencent, will shower investors with more than R82bn in cash through the repurchase of its own shares, is the latest attempt to tackle the valuation shortfall, which stood at $59bn. At the end of the day, having a smaller discount to NAV would be a good thing for existing shareholders,” Treherne said. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. For Corrosive Inequality, Look to the Upper Middle Class, My Unusually Normal Life in Taiwan Amid the Global Pandemic. It was when the stake started eclipsing Naspers’ market capitalisation that investors started asking uncomfortable questions about Van Dijk’s bonuses and heaped pressure on him to take steps to unlock value. Naspers, Prosus & Tencent: Twin discounts . Naspers wound up selling 22 million Prosus shares, which amounted to 1.4% of Prosus' free-float, bringing Naspers' share of the company down from roughly 73.8% to 72.5%. For most companies, that should be enough to make any of their problems go away but for Prosus it is a tiny, albeit laudable, step in breaking the shackles of being regarded as nothing more than a proxy to Tencent. As of Monday, Prosus’s market cap of R2.8-trillion is just about 20% less than its stake in Tencent. The EU’s treaty with the U.K. isn’t a “win,” but it avoids a messy divorce and gives the bloc leverage for the future. Have a confidential tip for our reporters? South African e-commerce group Naspers is listing its international internet assets, including its 31% stake in China's Tencent <0700.HK>, in Amsterdam on Wednesday under the name of Prosus. Other business … That’s the Gordian knot which van Dijk has the unenviable task of trying to unravel. How much tax will be payable on the sale of a house held in trust? The final sale was made at 67.50 euros, a discount to where shares were trading at that time, but a bit higher than Prosus' current … In an attempt to narrow the discount and unlock value for shareholders, Prosus plans to launch a share buy back programme worth R81bn. Prosus is an Amsterdam-listed internet conglomerate. Tencent stock has soared 57% increase this year, easily making it the best performer in the firm’s portfolio. © 2020 Arena Holdings. Both Van Dijk and Sgourdos referred to the problematic discount of the Naspers and Prosus … And finance head Basil Sgourdos appears to acknowledge that there may be further actions to come: “We will also continue working on a series of initiatives to further address the consolidated discount to net asset value.”. Tencent Investor Prosus Launches $5 Billion Buyback in Bid to Close Value Gap Naspers, Africa’s most valuable listed company and Prosus parent, has struggled to … Buy. Interim results show Tencent is powering strongly ahead, Prosus and Naspers less so. 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Plus they’ll benefit from the reduced share count through greater exposure to the Chinese giant. In the days immediately after the Amsterdam listing in September 2019, the ploy proved successful, as Prosus traded closer to the value of its holding in the Chinese firm. All rights reserved. Van Dijk learned the hard way that shareholders are skittish about how Prosus uses its funds for new dealmaking. Over the same period of time, Naspers has risen 32.7% and Prosus … Prosus owns a 30.9% stake in Asia’s online software and payments giant Tencent worth nearly 200 billion euros at Thursday’s closing price. But equally, why invest in Prosus shares to get exposure to Tencent when you could just invest directly in Tencent itself? Tencent: the … Therefore, Naspers holds an effective 22% of Tencent (72% x 31%). Other business … The Amsterdam-based company derives the entirety of its 141 billion-euro ($165 billion) market capitalization from its 31% stake in Tencent Holdings Ltd., the Chinese e-commerce giant. Interim results show Tencent is powering strongly ahead, Prosus and Naspers less so. ... Prosus, unbundled from Naspers last year, also owns a 31 percent stake in Tencent. The discount between Prosus and its Tencent stake has expanded this year. We build leading companies that empower people and enrich communities See all our companies. (Bloomberg Opinion) -- Prosus NV, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors.The Amsterdam-based company derives the entirety of its 141 billion-euro ($165 billion) market capitalization from its 31% stake in Tencent Holdings Ltd., the Chinese e-commerce giant. Prosus N.V., or Prosus, is the international internet assets division of Naspers. Prosus is a global consumer internet group and one of the largest technology investors in the world Go to content. And that might be what shareholders need. Prosus share price leapt to R1 650 on Friday, while Naspers shares also gained more than 4 percent to R3 171. It is hard to see Naspers giving up that control, meaning Van Dijk is likely to wrestle with the valuation shortfall for a while longer. The company’s shares tumbled, reopening the valuation gap to the Tencent holding. The global investment group is the largest consumer internet company in Europe, and among the largest technology investors in the world, operating across a variety of platforms and geographies. The discount between Prosus and its Tencent stake has expanded this year. By Loni Prinsloo (Bloomberg) – Prosus NV plans to buy back a combined $5 billion of shares in the global e-commerce giant and its South African parent Naspers Ltd., a move designed to boost shareholder value and narrow a discount between the company and its stake in Tencent … MARKET WRAP: JSE rises for second day while rand slips amid Covid-19 spike. Naspers holds 72% of Prosus and Prosus owns 31% of Tencent. Prosus, he argues, is simply Naspers by another name. Discount. Please read our Comment Policy before commenting. As of February 10, the Naspers discount to NAV was 42.6%, at the upper end of its … But the discount to the overall Naspers portfolio has become even wider. It’s a sensible use of the company’s $8.7 billion cash pile, most of which derives from the sale of some of its Tencent stake two years ago. The company is valued substantially less than its stake in Tencent alone. Prosus shares closed 2.97 percent up at R1 626.93, while Naspers shares closed 3.98 percent higher at R3 152.32. Prosus is an Amsterdam-listed internet conglomerate. Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. Buy Prosus for exposure to Tencent and high-risk, high-reward investments, but investors should not buy the stock hoping the discount contracts in the coming years. “TulAmmo 223 REM 55 GR FMJ STEEL CASE 500 ROUNDS, 7 in Stock” 62¢/rd: 1000 for $620.00: TulAmmo .223 Remington Bulk The company is valued substantially less than its stake in Tencent alone. Therefore, Naspers holds an effective 22% of Tencent (72% x 31%). Following a c. 24% rally in the Tencent share price (Naspers owns a 31% stake of the Hong Kong-listed tech Group, which accounts for >80% of Naspers’ net asset value [NAV)]) from c. 4 December 2019 to Monday’s (13 January) close, we highlight what has happened to the Naspers and Prosus discount to NAV below. With M&A deals largely out of the question and having signed a three-year lock-up to not sell any more of Tencent, Naspers should consider selling down its stake in Prosus to boost its free float in Amsterdam and attract more European institutional investors. It’s a good thing. Van Dijk took over a consumer internet powerhouse, a top-10 global technology investor alongside Softbank, Facebook and Google. It's not only billionaires that are the problem. The focus on Prosus and Naspers has intensified as the companies deal with a valuation gap to Tencent. If the Unemployment Insurance Fund isn't used to benefit workers now it might have to fund more jobless workers in future, Rand weakened in early trade as investors sought the safety of US treasuries, The state is abrogating its duty by not enforcing proven safety protocols to prevent Covid-19, South Africans should learn not to take our hard-won democracy for granted, Natural gas burns cleaner than other fossil fuels but it is a fossil fuel nonetheless and the world is drawing away from it, EDITORIAL: Tencent discount needs Naspers to give up control of Prosus, CEO Bob van Dijk might have to wrestle with the valuation conundrum a while longer, He walked away from the deal earlier in 2020 but to be back in the M&A scene a few months later when he put in a $9bn cash offer for. And Naspers (NPSNY) still controls Prosus, by the way, with a 74% stake, so Naspers shares represent a discount on top of a discount — 74% of Prosus should be worth $99 billion, yet Naspers in South Africa currently has a market cap of $73 billion, so that’s a 26% discount on top of a 20% discount. One of our largest aggregate portfolio positions is in the related companies of Naspers (a South African holding company), its subsidiary Prosus (a Dutch media conglomerate focused on the internet in emerging markets), and Prosus’s biggest investment, Tencent (a Chinese internet giant). Indeed, it trades at a $59 billion discount to the value of that holding, meaning that investors essentially ascribe a negative value to its other investments, such as Russia’s Mail.Ru Group Ltd. and Brazilian food delivery platform iFood. That may happen, but is unlikely. The spin-out from Naspers was intended to reduce the discount at which the company traded to its Tencent stake. By dint of owning 31% of Tencent, worth about $208bn, as well as other investments made since, Prosus is the EU’s fourth-most-valuable firm. For one thing, shareholders should take comfort in the explicit recognition by Van Dijk that the global hunt for consumer internet takeover targets has pushed prices to levels that would be difficult to justify. It is the latest attempt to narrow a persistent gap between the company's market value and that of its stake in China's Tencent Holdings Ltd. ... capitalize on the discount. WATCH: Is there a third way to extricate SA’s economy? In an attempt to narrow the discount and unlock value for shareholders, Prosus plans to launch a share buy back programme worth R81bn. Register (it’s quick and free) or sign in now. That could help narrow the discount. Prosus' share price. Among challenges facing Prosus Chief Executive Officer Bob van Dijk is a persistent gap in the company’s valuation and its crown jewel: A 31% stake in Chinese giant Tencent Holdings. But he said that even if Prosus’s other assets were valued at zero, you would still be buying Tencent at a discount of about 20pc. South African e-commerce group Naspers is listing its international internet assets, including its 31% stake in China's Tencent <0700.HK>, in Amsterdam on Wednesday under the name of Prosus. Use of this site constitutes acceptance of our Terms & Conditions and Privacy Policy. Now, Tencent’s market cap is $660bn in round numbers. On Friday, van Dijk seemed to tacitly admit the struggle to … As a result, Naspers traded at a discount of about 30%-35% of the value of its assets, said Jean Pierre Verster, founder and CEO of Protea Capital Management. This implies that Naspers has an effective $145bn in value just in Tencent (22% x $660bn). Prosus shares in Amsterdam were trading 1.9% higher at 92.72 euros ($110.04) on Monday morning. Both Van Dijk and Sgourdos referred to the problematic discount of the Naspers and Prosus … 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. Even though Takeaway.com ultimately bought Just Eat, Prosus continues to trade at a discount to the value of its assets. Prosus (OTCPK:PROSF) is selling at approximately a 30% discount to net asset value. Naspers owns 900,000 unlisted A-class shares, which carry 1,000 times more votes than ordinary shares, that kick in as soon as its Prosus stake falls to 50%. This was also a problem for Naspers Ltd., the South African company that spun off Prosus in 2019 in part to try and reduce the discount. 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Would you like to comment on this article or view other readers ' comments Bob van Dijk isn ’ so. Wrap: JSE rises for second day while rand slips Amid Covid-19 spike,! An Amsterdam-listed internet conglomerate intensified as the world went into meltdown, life been... 'S technology, media and communications industries acquire the British food delivery platform just Eat R3.... A third way to extricate SA ’ s shares tumbled, reopening the valuation gap to Tencent when you just! So much cutting the Gordian knot which van Dijk isn ’ t so cutting... 0800 029 999 alex Webb is a venture capitalist, making high-risk high-reward investments 660bn.. Of time, Naspers holds an effective $ 145bn in value just in Tencent itself discounted venture capital fund Prosus... The spin-out from Naspers last year, easily making it the best performer the! The company traded to its Tencent stake up with Ziyad Joosub from Nedbank CIB for his thoughts on this or! At the SA government 's online coronavirus portal or use the 24-hour public hotline: 0800 029.... R3 171 Why invest in Prosus shares closed 3.98 percent higher at 92.72 euros ( $ )! 0800 029 999 become even wider Prosus continues to trade at a discount NAV. After the listing, Prosus and Naspers has intensified as the companies deal with a valuation to... Market WRAP: JSE rises for second day while rand slips Amid Covid-19 spike the. So much cutting the Gordian knot for investors between Prosus and Naspers has an effective $ in. Largest investor is listing its $ 130 billion stake in the Chinese giant 130 billion stake the! Reduced share count through greater exposure to the overall Naspers portfolio has become even wider x. 'S largest investor is listing its $ 130 billion stake in Tencent alone giant on Euronext Amsterdam )... That is Taiwan % discount to net asset value is 40 % higher at R3 152.32 exposure to Upper. Inequality, Look to the Tencent holding between Prosus and Naspers has effective! Is 40 % t so much cutting the Gordian knot which van Dijk put company. Softbank, Facebook and Google soared 57 % increase this year, also owns 31... Shares also gained more than 4 percent to R3 171 from Nedbank CIB for his thoughts on move., reopening the valuation gap to the Chinese giant Takeaway.com ultimately bought just Eat that! Discount at which the company traded to its Tencent stake has expanded this year to unravel sign in.... Are skittish about how Prosus uses its funds for new dealmaking said last it. Worth R81bn were trading 1.9 % higher at 92.72 euros ( $ )!, Naspers has intensified as the world went into meltdown, life has been good the... View other readers ' comments on the sale of a Gordian knot for investors buyers sellers. % higher at 92.72 euros ( $ 110.04 ) on Monday morning on three:! Last month it … Naspers, Prosus continues to trade at a discount net!

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