Africa's Biggest Company Sees E-Commerce Growth Closing $32 Billion Value Gap
- Stake in Chinese internet giant is paying off, chairman says
- No short-term link between profitability and value: Bekker
Naspers has for years scoured the world looking for another early stage technology company that will eventually replicate the success of Tencent, in which it invested $32 million 16 years ago.
Photographer: Brent Lewin/BloombergChairman Koos Bekker countered criticism Naspers Ltd. relies too heavily on its $132 billion stake in Chinese media company Tencent Holdings Ltd. by reminding investors that they would have been a lot poorer if he’d given in to similar pressure to sell the holding years ago.
“Five years ago there was also a lot of unhappiness,” Bekker told shareholders at the annual meeting in Cape Town on Friday. “If we had sold then, you would have gotten 45 Hong Kong dollars, now you get 325. We are not married to the share, but at this point in time it’s paying shareholders.”