Is Africa’s biggest company by market value, Naspers, worried at all about its growing dependence on its 34% stake in Chinese internet giant Tencent?
On Friday, Naspers released its annual results, which indicate that the bulk of its $1.8bn profit still comes from Tencent, a factor that has some investors worried.
Swiss investment adviser Albert Saporta has already argued that Naspers’ key staff are rewarded for results at Tencent despite not being directly responsible for the Chinese firm’s performance.
Subsequently, Saporta has called for a spin-off or reduction in Naspers’ stake in Tencent.
However, Naspers is clearly shrugging this off as the company said it plans to approach US and UK investors about a bond issue to help it continue its acquisition drive. This is a sure sign that it intends hanging on to Tencent while it tries finding another internet star.
The post Acquisition-hungry Naspers looks to bond issue as Tencent legacy looms large appeared first on BizNews.com.