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Home / Business / Europe gets a new technology giant when Naspers is hived off from Prosus By Investing.com

Europe gets a new technology giant when Naspers is hived off from Prosus By Investing.com




© Reuters.

Investing.com – European stock markets received a new internet giants on Wednesday, and the response has only highlighted how few alternatives regional investors have in terms of growth stocks.

The largest company that absolutely no one had ever heard is called Prosus (AS :). It is a holding company for the international Internet assets of South African investment firm Naspers (JO :).

Above all, it is a vehicle for Naspers' 31

% stake in Tencent Holdings (HK :), the Chinese social media and gambling giant, whose value has risen from $ 31 million in 2001 to $ 130 billion today is. It also holds interests in payment and food companies, in particular Delivery Hero (BE 🙂 and Takeaway.com, as well as other social media such as Mail.ru (LON) in Russia and online marketplaces such as the OLX Group. [19659004] Last year, the company achieved a net profit of $ 4.25 billion, mainly due to a profit of $ 1.6 billion from the sale of its stake in Flipkart in India to Walmart (NYSE 🙂 stores was due. Even after this divestiture, the company is by far the largest consumer-listed Internet company in Europe.

The products and services of its portfolio companies are regularly used by about one fifth of the world's population. The listing "offers international tech investors the opportunity to invest directly in an attractive Internet portfolio," said Naspers in a video on his website detailing the transaction.

Naspers issued to all shareholders shares worth approximately 25% of the new company prior to listing. Euronext Amsterdam had indicated an indicative price of € 58.70 per share, which meant a market value of € 95.3 billion ($ 105 billion).

However, Reuters reported that the stock had risen to € 76 at opening and had only made a fraction of these gains in subsequent trading. Thus, it was immediately the third largest share on the Amsterdam Stock Exchange in terms of market value, after Royal Dutch Shell (LON 🙂 and Unilever (LON :).

Listing on a day when European markets arrived China made wide strides in terms of new hopes for easing trade between China and the US. Earlier in the day, China had published a list of products to be exempted from the most recent US import tariffs, including cancer drugs and lubricating base oil, not the much more sensitive and economically important agricultural products, such as soybeans and pork.

At 5:00 CET (09:00 CET), the benchmark benchmark rose 0.7% to 389.08, a six-week high. Germany and the UK both gained 1.0%.

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