- Naspers repurchases 593,402 of its own Naspers Shares.
- Average price per share is ZAR3,084.8615, totaling ZAR1.83 billion (US$93.08 million).
- Repurchase program demonstrates Naspers’ confidence and commitment to creating shareholder value.
Naspers Limited recently provided an update on its ongoing repurchase program. The company announced that it had repurchased a significant number of its own ordinary shares, known as Naspers Shares, during the period from May 29 to June 2, 2023.
The open-ended repurchase program, which was initially launched on June 27, 2022, aims to acquire Prosus Shares and Naspers Shares from the respective free-float shareholders. While the primary focus of the program is on Prosus Shares, Naspers has chosen to offer additional updates to its shareholders concerning the repurchase of Naspers Shares.
In the four-day window mentioned, Naspers successfully bought back 593,402 of its own Naspers Shares at an average price of ZAR3,084.8615 per share. The total consideration for these repurchases amounted to an impressive ZAR1,830,562,980 (equivalent to approximately US$93,078,666).
This bold move by Naspers illustrates the company’s confidence in its long-term growth prospects and its commitment to enhancing shareholder value. Over the years, Naspers has emerged as a leading investor in the technology sector, positioning itself as a global consumer internet company.
Operating through its subsidiary, Prosus, Naspers holds a primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange. As the majority owner of Prosus, Naspers actively engages in investments worldwide, targeting markets with considerable growth potential. The company’s primary objective is to establish leading consumer internet companies that empower individuals and contribute to the enrichment of communities.
While focusing on global investments, Naspers remains deeply committed to the development of South Africa’s technology sector. The company has made significant investments in several internet and e-commerce enterprises within the country. Notable investments include Takealot, Mr D Food, Superbalist, Autotrader, Property24, and PayU. Naspers also owns Media24, which stands as South Africa’s premier print and digital media business.
In addition to its investment activities, Naspers has launched various initiatives aimed at making a positive impact. In 2019, the company introduced Naspers Labs, a youth development program designed to equip South Africa’s unemployed youth with digital skills for pursuing careers in the technology industry. Furthermore, Naspers for Good, a corporate philanthropy fund, enables the company to collaborate with organizations addressing pressing community challenges.
During the height of the COVID-19 pandemic, Naspers allocated R1.5 billion in emergency aid to support the South African government’s response efforts. This included contributions of R500 million to the Solidarity Fund and the procurement and distribution of personal protective equipment (PPE) worth R1 billion to frontline healthcare workers. Additionally, Naspers extended support to families impacted by the pandemic through its partnership with the Nelson Mandela Foundation’s EachOne FeedOne program.
The ongoing Repurchase Program by Naspers complies with various regulations, including the European Parliament’s Market Abuse Regulation. The company remains committed to fulfilling its disclosure and reporting obligations in line with regulatory standards.
