Naspers Limited recently provided an update on its repurchase programme. This initiative, aimed at buying back ordinary shares in both Prosus and Naspers, has significant implications for shareholders and the company’s financial strategy.
The Repurchase Programme
Naspers’ repurchase programme targets ordinary shares in Prosus (“Prosus Shares”) and Naspers (“Naspers Shares”) from free-float shareholders. The programme, launched on June 27, 2022, is open-ended, indicating a long-term commitment to shareholder value and capital management.
Recent Purchase Details
During the period between April 2, 2024, and April 5, 2024, Naspers purchased 222,606 Naspers Shares. These shares were acquired at an average price of ZAR3,365.8255 per share, amounting to a total consideration of ZAR749,252,947 (US$40,033,889).
Here’s a breakdown of the recent purchase:
Date Range | Number of Shares Purchased | Average Price per Share (ZAR) | Total Consideration (ZAR) | Total Consideration (USD) |
---|---|---|---|---|
April 2, 2024 – April 5, 2024 | 222,606 | 3,365.8255 | 749,252,947 | 40,033,889 |
Implications for Shareholders
The repurchase programme can have several implications for shareholders:
Regulatory Compliance and Reporting
Naspers ensures compliance with regulatory requirements by providing weekly updates on Prosus ordinary shares repurchased. Additionally, voluntary updates on Naspers Shares purchases demonstrate transparency and accountability to shareholders.
Financial Impact
The recent purchase of 222,606 Naspers Shares at an average price of ZAR3,365.8255 per share represents a significant financial commitment. The total consideration of ZAR749,252,947 (US$40,033,889) underscores Naspers’ confidence in its share valuation and future performance.
Conclusion
Naspers’ ongoing repurchase programme reflects its strategic approach to capital management and shareholder value enhancement. The recent purchase of Naspers Shares underscores confidence in the company’s performance and market position. As Naspers continues to invest in diverse sectors and initiatives like Naspers Labs, its impact on the technology and finance landscape remains significant.
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