Naspers CFO plans ‘significant investments’

[BusinessTech]

Naspers CFO plans ‘significant investments’

Naspers Ltd has its sights set on acquisitions as Africa’s largest company by market value targets “significant investments” for its $10 billion cash pile in the next couple of months, chief financial officer Basil Sgourdos said.

 

[Lew Skannen]

So, looking at these paragraphs it would appear that the 'significant investments' will all be done abroad, with the company reducing exposure to the JSE.

With the economy currently collapsing, this actually makes perfect sense for investors, but does not bode well for South Africa.

Naspers is working to reduce its exposure to Johannesburg’s stock exchange as it seeks to narrow a valuation gap with flagship asset Tencent Holdings Ltd.

“Our plan is to quickly and aggressively expand our reach, we are increasing our investment in the sector,” said Sgourdos. This month, the company allocated another $400 million into building its position in Brazil and broader Latin America.