Naspers, a South Africa-based internet multinational company has sold 22 million N Ordinary shares in its internet assets division, Prosus NV. It sold its shares at €67.50 per share, 1.4% of the Prosus N Ordinary shares.
Naspers announced the sales of its Prosus shares a few days ago. It sold shares to increase and close the value gap between its other businesses.
It sold 22 million shares at the rate of €67.50 each, totalling in €1.66 billion for the company. The shares were sold through an accelerated bookbuild offering to new institutional investors dubbed Placing.
See Also: Naspers Investment arm – Prosus Increases Bid for Just Eat to £5.1 Billion
The exchange of title and legal ownership of the shares for money (Placing Settlement) will be performed on the floor of the Amsterdam Stock Exchange on the 24th of January, 2019.
Meanwhile, following the sales of the shares, Naspers currently holds 72.5% ordinary shares in Prosus. It and will also lock up its remaining interest in Prosus N ordinary share for 90 days in tandem with the market practice.
A statement released on Naspers news indicates that the company will repatriate all funds gathered from the sales to South Africa. It will put this into the country’s reserve for repurchase, and return the capital of Naspers shareholders.
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