Naspers comes under fire for free-riding on Tencent

business


SOUTH AFRICA’S stockmarket has Naspers largely to thank for its recent record highs. Shares in the media and internet group have soared by 45% this year; even before then it was Africa’s most valuable firm. So recent unrest among shareholders in Naspers might seem unwarranted. But in the days before its annual general meeting in Cape Town on August 25th, noisy debate erupted, chiefly about executive pay. Many investors reckon that Bob van Dijk, its boss, is being rewarded for success that he did little to create.

The source of good fortune for Naspers lies about 7,000 miles (11,265km) away. In 2001 Koos Bekker, Mr van Dijk’s predecessor, made a brilliant investment of $32m in a little-known Chinese technology firm called Tencent. Today its 33% stake is worth $130bn, as measured by Tencent’s value on the Hong Kong stock exchange; that dwarfs the $100bn valuation of Naspers itself on the Johannesburg stock exchange. Shares in the latter rise and fall on news from Hong Kong. In its…

Комментариев нет

Добавить комментарий

business
Google can no longer count on political goodwill at home

“WE USED to be so dismissed,” says Jeremy Stoppelman, the boss of Yelp, an online-review site which has waged a six-year-long battle against Google over how the online giant ranks its search results. Now American regulators are taking concerns about Google more seriously. On November 13th, Josh Hawley, Missouri’s attorney-general, …

business
How tech giants are ruled by control freaks

THIS month Schumpeter visited the Barnes Foundation, a gallery in Philadelphia full of paintings by Picasso, Matisse and Van Gogh. Albert Barnes, born in 1872, is notable for two things. He made a fortune from an antiseptic that cured gonorrhoea. And he stipulated exactly how his art collection should be …

business
The last media mogul stuns his industry with talk of selling

THE only media mogul still bestriding his industry in old-fashioned style is used to being a predator rather than prey, a builder of empires, not a dismantler of them. So Rupert Murdoch’s reported willingness to sell off much of 21st Century Fox, whether to a rival such as Disney or …