Naspers Limited has recently provided an update on its ongoing repurchase program for ordinary shares in Prosus and Naspers, with significant activity during the period between 10 July 2023 and 14 July 2023.

Repurchase Program Details:

During the specified five-day period, Naspers Limited, in conjunction with its subsidiary Prosus, executed a strategic repurchase of 431,515 Naspers Shares from the respective Prosus and Naspers free-float shareholders. The repurchased shares were bought at an average price of ZAR3,313.9748 per share, resulting in a total consideration of ZAR1,430,029,833 (approximately US$78,426,054).

The Repurchase Programme was initially launched on 27 June 2022, and while it is primarily focused on Prosus Shares, Naspers Limited has opted to provide voluntary updates to Naspers shareholders regarding the Naspers N ordinary shares it acquires. This move is in line with the company’s commitment to transparency and open communication with its stakeholders.

Enhancing Shareholder Value:

The Repurchase Programme demonstrates Naspers Limited’s commitment to delivering long-term value to its shareholders. By repurchasing its own shares, the company aims to signal confidence in its business prospects and strengthen its financial position. Additionally, reducing the number of outstanding shares can enhance earnings per share and provide a potential boost to the stock price, benefiting existing shareholders.

Regulatory Compliance:

It’s important to note that the Repurchase Programme is being conducted in accordance with Articles 5(1) and 5(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as well as Articles 2 to 4 of Commission Delegated Regulation (EU) 2016/1052 supplementing the Market Abuse Regulation. The company has issued the necessary updates to fulfill its disclosure and reporting obligations as required by law.

Company’s Future Outlook:

Naspers Limited, with a history dating back to 1915, has successfully transformed itself into a global consumer internet powerhouse and technology investment giant. Through its subsidiary Prosus, the company operates and invests in markets with substantial long-term growth potential, empowering people and enriching communities through innovative digital solutions.

In South Africa, Naspers is a significant player in the technology sector, supporting the development of the country’s internet and e-commerce businesses. The company’s investments in various tech-based ventures, such as Takealot, Mr D Food, Superbalist, Autotrader, Property24, PayU, and Media24, have contributed to the growth of the digital economy in the region.

Conclusion:

The recent update on the Repurchase Programme by Naspers Limited has drawn attention to the company’s commitment to enhancing shareholder value and its strategic approach to managing its share capital. As the global consumer internet industry continues to evolve, Naspers’ investments in innovative digital ventures and technology companies are likely to play a crucial role in shaping its future growth and positioning in the market.