Deals
Naspers Should Buy Own Stock to Tap Tencent Gap, Mobius Says
- Share buyback would be better value than e-commerce purchases
- Mobius’s Templeton invests in Naspers to get Tencent cheaply
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Naspers Ltd. should buy back its own shares to take advantage of the discount between Africa’s biggest company and its stake in Chinese internet giant Tencent Holdings Ltd., according to veteran emerging markets investor Mark Mobius.
That would be a better use of funds than the Cape Town-based company’s current strategy of buying global e-commerce businesses, the chairman of Templeton Emerging Markets Group, an investor in Naspers, said in an interview on Tuesday.