In a recent announcement, Naspers Limited shared an update on its ongoing repurchase program for Prosus and Naspers shares. The company revealed that it had acquired 326,922 Naspers Shares between June 12, 2023, and June 16, 2023.
The repurchase program, initiated on June 27, 2022, was designed to buy back ordinary shares in Prosus and Naspers from the Group’s free-float shareholders. As part of regulatory requirements, Naspers has been providing weekly updates on the repurchased Prosus ordinary shares. However, the company has voluntarily extended this reporting to include the Naspers N ordinary shares it has purchased.
During the specified period, Naspers purchased a total of 326,922 Naspers Shares at an average price of ZAR3,153.3192 per share. The aggregate value of this transaction amounted to an impressive ZAR1,030,889,410 (US$56,003,050).
Naspers’ decision to repurchase its own shares underscores its commitment to enhancing shareholder value. By consolidating ownership and optimizing its capital structure, the company aims to leverage its financial resources effectively. The acquisition of Naspers Shares further reflects the company’s confidence in its long-term prospects and affirms its belief in the underlying value of its shares.
The recent share acquisitions align with Naspers’ strategic approach to investments and portfolio management. By repurchasing its own shares, the company aims to allocate capital efficiently while seizing opportunities to maximize returns for its shareholders.
Naspers Limited, headquartered in South Africa, is renowned as a multinational company with a substantial presence in the global internet and media sectors. Its diverse portfolio encompasses numerous companies and investments across industries such as e-commerce, social media, and online classifieds. With operations spanning the globe, Naspers has established a robust foothold in emerging markets.
Investors and shareholders eagerly await further updates on the repurchase program, as Naspers continues to drive its initiatives and chart its strategic direction. The company’s commitment to generating sustainable long-term growth and maximizing value for its shareholders instills confidence among stakeholders.