TECHNOLOGY group Prosus said on Friday that all the conditions of the share swop with parent Naspers to set up a cross-holding had been satisfied, including the minimum acceptance condition.
“The Exchange Offer has become unconditional. Prosus will accordingly proceed with the implementation of the Exchange Offer and Settlement (today).”
Prosus holds Naspers’s global internet business including a nearly one-third stake in Tencent, the internet giant in China. Prosus has been trying to close the valuation gap between its market value and component parts, offering to buy up to 45.5 percent of its parent in exchange for its own shares. The share exchange offer closed on Friday.
In line with the exchange offer, the new Prosus ordinary N shares will be admitted to listing and trade on the Euronext Amsterdam, the JSE and the A2X from today.
An announcement regarding the results and implementation of the Exchange Offer and the capital restructure will be announced today.
edward.west@inl.co.za
BUSINESS REPORT