Naspers Remains Committed To South Africa

A R1.4 billion fund has been set up for a new initiative called Naspers Foundry - to be launched in the first half of 2019 - which will back technology start-ups in South Africa that seek to address major societal needs.

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Naspers CEO Bob van Dijk
Naspers CEO Bob van Dijk (Photo Credit: YouTube)

Naspers, one of the biggest internet firms in the emerging markets, remains committed to South Africa after it completed the listing and unbundling of MultiChoice Group, one of the fastest-growing pay-TV broadcast providers.

Bob van Dijk, Naspers CEO, said on Monday that the company will continue to operate and invest in local e-commerce and internet companies across classifieds, etail, payments, and online food delivery, as well as Media24.

Underlining this commitment, Naspers has invested R6.9 billion over the last three years in developing its existing South African businesses and through merges and acquisitions activity, he said.

Looking ahead, van DijK added that Naspers will continue to invest in South Africa.

Naspers. Livemint
Naspers. Livemint

At the South Africa Investment Conference held in October 2018, Naspers committed to investing a further R4.6 billion in new and existing technology companies in South Africa over the coming three years.

A R1.4 billion fund has been set up for a new initiative called Naspers Foundry – to be launched in the first half of 2019 – which will back technology start-ups in South Africa that seek to address major societal needs.

The remaining R3.2 billion of the commitment is to be injected into Naspers’ existing businesses and this has already started, said the boss of Naspers.

“The unbundling of MultiChoice Group marks a significant step for Naspers, completing our transformation to a global consumer internet company, with effectively 100% of our revenues and profits now coming from online,” he added.

“We are proud to have built MultiChoice Group into the major success it is today and to be able to unlock the value created in that business to our shareholders, while also creating additional value for Phuthuma Nathi shareholders in South Africa.

“Since its founding more than 30 years ago, MultiChoice Group has been a pioneer in pay-TV and video entertainment in Africa and has now started a new chapter as an independently listed business with attractive long-term growth opportunities.”

For more read: Multichoice Stock Opens At R95 A Share As Company Debuts On The JSE

 

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