Naspers spin-off comes in at R1,200 a share

Naspers spin-off Prosus made a good start to its first day of trading on Wednesday opening at just over R1,200 a share in Amsterdam and on the JSE.

The company, valued at $100bn (R1.5-trillion), is a portfolio manager for international internet companies and currently holds a 31% stake in Chinese tech giant Tencent.

Veteran stockbroker David Shapiro says the early signs look positive.

I think it's going to be a winner, I think it's' going to attract a lot of foreign shareholders.

David Shapiro, Stockbroker and Deputy Chairman at Sasfin

And what of the fortunes of parent company Naspers which retains a 73% stake in Prosus, but whose shares dipped 31.40% lower than Tuesday’s close on Wednesday morning.

It's worth nothing, but the market tends to just discount it as being worthless.

David Shapiro, Stockbroker and Deputy Chairman at Sasfin

Listen to the full interview below:


This article first appeared on CapeTalk : Naspers spin-off comes in at R1,200 a share


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