Naspers Ltd. received enough votes from shareholders to proceed with an Amsterdam listing of assets including a $125 billion stake in Chinese internet giant Tencent Holdings Ltd.
Africa’s largest company by market value secured sufficient backing after a vote in Cape Town on Friday, according to company secretary Gillian Kisbey-Green. Naspers needed at least 75% of investors to endorse the spin off, which is scheduled for Sept. 11.
Naspers will retain a 73% majority stake in the new company, known as Prosus NV, which will also have investments in internet firms from Germany and the U.S. to India and Brazil. The move is intended to ease the company’s dominance of Johannesburg’s stock exchange and close a valuation gap between the Tencent stake and Naspers as a whole, which is worth $98 billion.
“This listing won’t fix everything,” Chief Financial Officer Basil Sgourdos said at the investor meeting, in reference to the discount. “We have a lot more work to do.”
Naspers shares declined 0.9% to 3,399.25 rand as of 2:38 p.m. in Johannesburg. Shareholders were expected to support the listing, analysts said earlier this week.