Naspers chairperson Koos Bekker has sold a tranche of the shares that his family trust owns in Nasper’s majority-owned Prosus, worth about R3.4 billion, to fund hotel upgrades.
Prosus, which is deep in a share repurchase programme, said that a family trust linked to Bekker had made the on-market disposal of Prosus N.V. ordinary shares in three transactions for around €173.4 million.
Prosus’s share price increased 0.4% to R1 400.49 on Thursday morning, but it appeared to be a good time to sell as the price has increased 75% over a 12-month period.
The trustees of the family trust acquired Prosus shares as a result of owning Naspers shares during the listing of Prosus in September 2019.
Prosus said the family trust sold a parcel of Prosus shares to fund building operations at hotels in countries in which the family trust had an interest.
The shares were sold from March 24 – 28.
Prosus said the sales process was now concluded.
“The family trust continues to retain all its Naspers shares and three quarters of its total interest in Prosus that it had prior to the disposals noted above,” Prosus said.
Prosus is a global consumer internet group focused on building businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil.
Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce.
Prosus has a primary listing on Euronext Amsterdam and secondary listings on the Johannesburg Stock Exchange and a2X Markets.
According to News24, a Naspers-owned media group, Bekker and his wife Karen Roos, a former editor of “Elle Decoration”, developed the Babylonstoren estate in the Cape Winelands. In 2019, they opened The Newt in Somerset, UK.
Both estates feature large gardens, restaurants and hotels.
BUSINESS REPORT