Wheatfields holds minority stakes in Nasbel and Keeromstraat, but that does not afford it with control. Media24 would retain only 19% of the shareholding and have no management control. y = (e.clientY + 5) + 'px'; The group said the year-on-year 5 percent decrease reflects that it owns 72.66 percent of Prosus compared to 100 percent a year earlier. Are you an executive on a company pension? Vos, at the time Head: Secretariat and Intellectual Property at Naspers, stated in her affidavit that the locus of control in Naspers “clearly” rests with Nasbel, Keeromstraat and Wheatfields. } The current hearing is the result of this appeal decision. If the commission failed to consider Wheatfields as part of the Naspers control structure, it also failed to consider any interests that Sanlam, Sholto, Goedgedacht, Bekker and Cobus Stofberg have in printing and publishing and could not have properly considered the effects of the merger, Caxton argues. Labs. If I was Koos and Co, I would acquire the ‘’original printing giants’’, unbundle it, strip out whatever assets is available, and donate the printing machines to the department of education. The tribunal dismissed the case and the listing proceeded, but Caxton won the case on appeal. Even allowing for that, Malan sees upside of more than 40% in the Naspers share price. It argued that an enquiry into the control structure is unnecessary in light of the unbundling conditions, which will remove any control by Media24 over Novus. jQuery(document).ready(function () { newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/news/companies-and-deals/who-owns-naspers/&via=Moneyweb"; At the time the tribunal approved an application by Caxton to intervene in the proceedings and, in response to Caxton’s presentations, ordered a full investigation into the Naspers control structure. Media24 is controlled by Naspers. SIGN IN Tencent's largest shareholder is Prosus (majority owned by Naspers), which owns 30.99% shares. The companies argued that Caxton has nothing substantive to say about the unbundling condition. Media24 would retain only 19% of the shareholding and have no management control. jQuery(this.parentElement).lightBox({ This, Caxton contends, is corroborated in Naspers’ filings to the United States Securities and Exchange Commission and disclosures in its Annual Financial Statements. They have been buying shelf space in stores (yes you pace for the space and the level on the shelf at which your product is displayed) and created and kept publications in these shelf spaces simply to keep competitor publishers out of the market. Wheatfields has 12.63% of the voting rights in Naspers and is not part of the control structure. Oops! Naspers ist ein südafrikanischer Medienkonzern mit Hauptsitz in Kapstadt und das größte Medienunternehmen des afrikanischen Kontinents. }); Nasbel and Keeromstraat hold 53% of the voting rights and vote in consultation with each other based on a voting pool agreement. Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and … Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. textParagraph.addEventListener("mouseup", function (e) { They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. Will holiday shopping save retailers this festive season? I think it’s common knowledge worldwide that the ‘’printed media’’ is going down the drain…(and the printing industry to follow) , with the expected ‘’dead cat bounce’’ That’s why they will fight this even if it costs millions. Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. This meant the inquiry never took place. }, 500); return range.toString() var textParagraph = document.getElementById("textParagraph"); Health department suspends screening at Beitbridge, Covid-19 BACK TO PREMIUM imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. The voting pool would no longer operate and Keeromstraat would need the cooperation of Wheatfields to do so, which confers control on Wheatfields. Who owns Naspers Ltd - N Shs Spon Adr? The company argued that the tribunal first had to establish the identity of all the entities that directly or indirectly control Novus, and consider the competition concerns before it could deliberate whether the unbundling condition would address such concerns. if (text === "") function createTweetLink(text, e) { Sanlam is a 50% shareholder in Wheatfields. If Caxton is correct and the voting pool is indeed broken, it might mean a shift in control. SA rejects UK claims over new coronavirus variant, Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. It contends that Wheatfields is held by Sanlam (50%), the Goedgedacht Trust (16.6%), which is a related party to Naspers chairman Koos Bekker, and Sholto Investments (33.3%), an offshore company in which Bekker and Stofberg hold shares. BACK TO CITIZEN Das Unternehmen ist in den Bereichen Printmedien (Zeitungen, Zeitschriften, Bücher), Fernsehen und Internet (als Provider und Portalbetreiber) aktiv.Naspers hält eine 30 %-Beteiligung an der brasilianischen Firma Grupo Abril, der britische Firma … if (textParagraph) { The question still hasn’t been answered definitively: Who controls Naspers? Moneyweb requires cookies to function properly. If Caxton is correct and the voting pool is indeed broken, it might mean a shift in control. return range.text Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. If the tribunal allows Caxton’s intervention and the full enquiry into the Naspers control structure, shareholders might get more clarity as to who directs strategy in the multinational group that carries huge weight on the JSE. Nas­bel, in turn, owns 33,15 per­cent of the vot­ing rights in Naspers. Based on in­for­ma­tion from Naspers, it seems Naspers con­trols it­self, or at least jointly, Cax­ton states. The merger process started in 2014 when Media24 and Novus notified a merger when Lambert Retief, former non-executive chairman of Paarl Media Group, as Novus was then known, wanted to retire. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. } We remain the maverick company of our early days, continuing to push the boundaries and display a free-spirited flair for print.’’. We could not locate your form. } When Tencent stumbles the Naspers share value will collapse. Who bought or sold Naspers Ltd - N Shs Spon Adr this quarter? The company argued that the tribunal first had to establish the identity of all the entities that directly or indirectly control Novus, and consider the competition concerns before it could deliberate whether the unbundling condition would address such concerns. Below are several of the prominent companies which Naspers owns or has a significant stake in. You are currently viewing our desktop site, do you want to download our. Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. It argues that in terms of the JSE listing requirements, shares in such circular structures are treasury shares which cannot vote in major matters, including major transactions, schemes of arrangement, and take-over bids. Media24 and Paarl Media Group then withdrew the notification of this merger and opted to list Novus. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. Naspers Labs is our flagship social impact project designed to transform and launch South Africa’s unemployed youth into economic activity. Naspers, a large South African media group that was involved in propaganda activities during Apartheid, has apologized for its complicity, many years later. } Tencent's headquarters is currently the Tencent Binhai Mansion, also known as the Tencent Seafront Towers, which is located in Shenzhen's Nanshan District. Terms of use. var newTweetLink = document.createElement("a"); else { Naspers owners and founders Jannie Marais and W.A. You can get more information about how we use cookies in our Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. return newTweetLink; No annual fee increase for pharmacy professionals next year – council, General Central African Republic: Factfile, Naspers shares weaken in early trade in wake of Trump’s WeChat ban, Mango, FlySafair, Airlink and CemAir to take flight in Level 3, New Covid-19 variants: What we know so far, in 500 words, No annual fee increase for pharmacy professionals next year – council, Health department suspends screening at Beitbridge, Mkhize says UK minister’s claims on Covid-19 variant ‘incorrect’, The Citizen e-edition/ print bundle subscription rates. The tribunal dismissed the case and the listing proceeded, but Caxton won the case on appeal. Naspers … Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Why are Koos and Kobus spending millions to prevent this? [The Competition Tribunal ruled on Monday, 18 August 2014, that Caxton may join. By continuing to use our website, we assume you are okay with it. Naspers is a global powerhouse in the Internet and entertainment space, and invests large amounts in tech companies globally. }, false); It argued that an enquiry into the control structure is unnecessary in light of the unbundling conditions, which will remove any control by Media24 over Novus.Â. The Naspers companies did not respond in detail to the allegations regarding its control structure. Earlier this year the Competition Commission (CompCom) recommended the approval of the merger on condition that Media24 unbundle its 93.88% stake in Novus to Naspers shareholders. Hofmeyr started the firm, receiving direct support from Jan Christiaan Smuts, J.B.M. Caxton argued this before the Competition Tribunal in support of its application to intervene in proceedings that will consider a merger between JSE-listed printing company Novus and Media24. }); This implies that Naspers has an effective $145bn in value just in Tencent (22% x $660bn). When Naspers invest in a company (34% in Tencent), it’s more like an enabling partnership than “ownership”. }) Prior to joining Naspers, she was the co-founder and Executive Chairperson of Sigma Capital. Now, Tencent’s market cap is $660bn in round numbers. They would argue that this is how they have added all the value which I would have to agree with. By doing things differently and better for over 25 years, we have grown from small beginnings into one of the largest publishers and printers in South Africa. var range = document.selection.createRange(); Naspers has invested close to $3 billion in India and also owns financial technology … event.preventDefault(); Wheatfields, Keeromstraat and Nasbel gave further undertakings that they would dispose of the shares they receive as a result of the unbundling. Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Excluding Nasbel votes, the allocation of votes at Naspers shareholder meetings on such major matters would, according to Caxton, be as follows: Caxton states that it is clear that without the voting power of the Nasbel shares, Keeromstraat would not, on its own, be capable of maintaining the Naspers control structure. You need help! However, on Wednesday Caxton argued before it that the merging parties in the latest notification again failed to fully disclose who controlled Naspers. Naspers, Africa’s largest company, owns shares in Shenzhen-based Tencent that are valued about US$133 billion. Hertzog, and Louis Botha. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Before Sigma Capital she held the position of CEO at Shanduka Group, an investment holding company which she joined in 2004 and left in 2015. If the tribunal found that at 19% shareholding there is still any control left, it would reduce its stake even further. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Media24, on the other hand, argued that the conditions constitute a de-merger and it would be practical and sensible to accept the conditions without embarking on a lengthy enquiry to satisfy the questions that Caxton has been raising over a number of years. Last week, Naspers agreed to sell Allegro, a Polish online auction site, for $3,3bn, saying the sale was “consistent with the group’s strategy to find and unlock value for shareholders”. There should be a discount to listed net asset value (NAV) of about 25% for Prosus and about a further 20% for Naspers, says Malan. This meant the inquiry never took place. The Naspers companies did not respond in detail to the allegations regarding its control structure. Media24 – Publisher of newspapers and magazines in South … Naspers Limited is a profitable South African internet group company founded in 1915. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { Excluding Nasbel votes, the allocation of votes at Naspers shareholder meetings on such major matters would, according to Caxton, be as follows:Â. Caxton states that it is clear that without the voting power of the Nasbel shares, Keeromstraat would not, on its own, be capable of maintaining the Naspers control structure. The development comes ahead of Naspers’ planned listing of its international investments — including the India portfolio — on Euronext Amsterdam by the second half of 2019. Vos, at the time Head: Secretariat and Intellectual Property at Naspers, stated in her affidavit that the locus of control in Naspers “clearly” rests with Nasbel, Keeromstraat and Wheatfields. SIGN OUT. var oldTweetLink = document.getElementById("tweetLink"); Naspers Limited is one of the world's leading Internet service providers. var range = window.getSelection(); In order to make big money, you need big money. Naspers has circular structure in its control – Caxton. Previously unreported, the acquisition of the remaining 49 per cent of the UAE classifieds site was disclosed in Naspers… The tribunal still had to give its approval. } The current hearing is the result of this appeal decision. Naspers have no growth businesses in South Africa. She has been chair of … Naspers’ controlling structure is extremely complex.Â. Pauline Bax and Paul Burkhardt, Bloomberg, SA stocks fall as weak miners eclipse rising banks, High-flying execs redefine the notion of ‘essential worker’, The JSE in 2021: What seven asset managers expect. Wheatfields had a legal representative on a watching brief at the hearing. The investment from Naspers values Carousell at over $550 million and is a testament to Carousell’s ability to develop world-class online classifieds marketplace solutions in Southeast Asia. Nasbel, in turn, owns 33.15% of the voting rights in … Disclosure: Caxton is the majority shareholder in Moneyweb.Â. Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Wheatfields had a legal representative on a watching brief at the hearing. If the tribunal allows Caxton’s intervention and the full enquiry into the Naspers control structure, shareholders might get more clarity as to who directs strategy in the multinational group that carries huge weight on the JSE. Join our mailing list to receive top business news every weekday morning. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Known as the "Rupert Murdoch of Africa", Bekker, who has a net worth of $1.1 billion according to Forbes, owns a 1.1 percent stake in Naspers which has stakes in … Nasbel and Keeromstraat hold 53% of the voting rights and vote in consultation with each other based on a voting pool agreement. Wheatfields has 12.63% of the voting rights in Naspers and is not part of the control structure. The tribunal still had to give its approval. JOIN PREMIUM Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. Mkhize says UK minister’s claims on Covid-19 variant ‘incorrect’, Africa The remaining shares in Nasbel, according to the commission, are widely held by 2 611 shareholders. scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top "top": y, According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. The company was founded in … newTweetLink.target = "_blank"; imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", Sanlam is a 50% shareholder in Wheatfields. Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. 2.I think Caxton’s Mission Statement confirms that their core business is printing (that is also my ‘’recollection’’ of this company….. if (window.getSelection) { Media24 is Africa's largest publisher, printer, and distributor of magazines and related products, as well its largest newspaper publisher. Phuthi joined Naspers as CEO, South Africa in July 2019. }); Dubizzle has been fully acquired by Naspers, a South Africa-based investor through its subsidiary OLX Group, for $190 million (Dh697.7m). tweetLink = createTweetLink(getSelectedText(), e); Media24 has for years been engaging in anti-competitive behaviour. The cartel controlling this share want to retain this control. This, Caxton contends, is corroborated in Naspers’ filings to the United States Securities and Exchange Commission and disclosures in its Annual Financial Statements. This ‘’storm in a teacup’’ must be annoying Koos Bekker and Co by now… Knowledge is power… and power is money. At the time the tribunal approved an application by Caxton to intervene in the proceedings and, in response to Caxton’s presentations, ordered a full investigation into the Naspers control structure. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. They are MASSIVELY overvalued and begging for the bubble to burst. Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. ”He had been kicked in the head by a mule when young, and believed everything he read in the Sunday papers”. Wheatfields holds minority stakes in Nasbel and Keeromstraat, but that does not afford it with control. Media24 is controlled by Naspers. According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. Read the ruling here .] At the time Caxton, which competes with Novus and Media24, tried to interdict the listing on the basis that it constituted a merger that should first be approved. The companies argued that Caxton has nothing substantive to say about the unbundling condition. Media24 and Paarl Media Group then withdrew the notification of this merger and opted to list Novus. The Weekly Mail & Guardian understands that Nas- pers was part of a consortium that made a bid for the Cape Times. Koos Bekker is revered for transforming South African newspaper publisher Naspers into an ecommerce investor & cable TV powerhouse. Nasbel, in turn, owns 33.15% of the voting rights in Naspers. 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