Naspers Announces Significant Share Repurchase in Latest Update

Naspers Limited, a key player in the South African technology sector, has provided an update on its ongoing share repurchase program. The program, launched on June 27, 2022, targets the acquisition of both Prosus and Naspers ordinary shares from the respective free-float shareholders. In a voluntary update to Naspers shareholders, the company revealed details of its recent share repurchases.

Repurchase Program Highlights

Strategic Move to Enhance Shareholder Value

Naspers’ decision to repurchase a substantial number of its own shares underscores the company’s strategic approach to enhancing shareholder value. This move comes as part of the open-ended repurchase program, aligning with regulatory requirements for weekly updates on Prosus ordinary shares and voluntarily extending updates to Naspers shareholders.

The company’s commitment to building its internet and e-commerce portfolio in South Africa is evident, with investments in entities such as Takealot, Mr D Food, Superbalist, Autotrader, Property24, and PayU. Naspers has established itself as a major investor in the local technology sector, contributing to the growth of digital businesses and fostering economic development.

Financial Implications

The repurchase of 306,200 Naspers Shares during the specified period amounted to a total consideration of ZAR 917,516,196 (approximately USD 49,212,547). The average price per share stood at ZAR 2,996.4605. This financial commitment reflects Naspers’ confidence in its own long-term prospects and its dedication to returning value to shareholders.

Forward-Looking Statements and Regulatory Compliance

Naspers emphasized that the Repurchase Programme adheres to the Market Abuse Regulation and related regulatory standards. The announcement also included a disclaimer cautioning readers that forward-looking statements involve subjective judgment, analysis, and inherent risks. Naspers commits to updating forward-looking statements only as required by law.