Naspers-owned Prosus (owner of Tencent) starts JSE's largest share buyback ever

The Money Show’s Bruce Whitfield interviews Basil Sgourdos, CFO at Naspers.

Prosus has started buying back its own shares.

At about R80 billion, it’s the largest share buyback in the history of the Johannesburg Stock Exchange (JSE).

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Prosus holds all Naspers-owned international internet companies such as Tencent.

Between Tuesday and Thursday, Prosus will buy $1.37 billion (R21.07 billion) of its own shares and $3.63 billion of Naspers’ shares.

The Money Show’s Bruce Whitfield interviewed Basil Sgourdos, CFO at Naspers.

We spent lots of time talking to Tencent [when the Covid-19 first hit China] …

Basil Sgourdos, CFO - Naspers

Tencent is a phenomenal business… Profits have grown by 28%... Games were boosted while people were stuck at home. We’re excited by China and Tencent’s prospects…

Basil Sgourdos, CFO - Naspers

We’re at the very early days of what this business is going to be… It’s going to transform many businesses in many countries…

Basil Sgourdos, CFO - Naspers

It’s smart capital allocation to buy more exposure to your own assets at a discount…

Basil Sgourdos, CFO - Naspers

Listen to the interview in the audio below.

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