Naspers Ltd. plans to separately list its internet assets in Amsterdam, creating a European-traded tech giant that will hold its $134 billion stake in China’s Tencent Holdings Ltd., said the Wall Street Journal.
The new entity will consist of all the conglomerate’s internet interests outside of South Africa, including its 31% stake in Tencent.
The move is intended to unlock value for Naspers shareholders and allow investors to directly access its portfolio of international internet assets.
Naspers currently trades at a discount to the value of its stake in Tencent. Analysts attribute part of the discount to a dividend-withholding tax that would kick in should Naspers ever sell out of Tencent and distribute the proceeds to investors.