The men who made Naspers South Africa’s most valuable company

Koos Bekker and Hans Hawinkels are the men behind the Naspers deal to acquire a 46.5% stake in Tencent for $33 million, which proved to be one of the best venture capital deals in history.

While Hawinkels lost his job shortly afterwards — he served as MIH Asia CEO at the time — Bekker remained as CEO for years to come and made billions before stepping down in 2019.

He currently holds the position of chairman on Naspers’ board of directors.

Bekker and Hawinkels were both instrumental in Naspers’ acquisition of 46.5% of gaming giant Tencent in 2001.

Bekker asked Hawinkels, as MIH Asia CEO, to move to Hong Kong to explore new investment opportunities in the Far East.

He identified Tencent, which operated the instant messaging platform QQ, and had a meeting with its founder, Ma Huateng.

While Huateng was keen to partner with Naspers, MIH and Naspers decision-makers had reservations about the deal.

The company had already invested a lot in Chinese Internet ventures with little to show for it, and it was left up to Bekker and Hawinkels to convince them.

Hawinkels spent much time convincing IDG and PCCW — two major Tencent shareholders — to sell their shares.

Bekker helped convince Naspers to buy a 46.5% stake in Tencent for $33 million, or around R266 million at the time. This came just as Naspers was set to report its first annual loss.

The deal was done by June 2001, and Tencent broke even for the first time that month.

While it took several years for Tencent to grow to its potential and emerge as an international tech giant, Naspers’ investment surged as a result.

The company’s share price was R192.03 in June 2009 and reached R3,901.69 in May 2024, representing share price growth of more than 20 times over just under 15 years.

Unfortunately for Hawinkels, the delay in growth ultimately saw his end at MIH and Naspers.

Naspers’ Chinese losses grew while many of its European, US, and South African investments were bleeding cash, prompting the company to implement rapid and drastic cost cuts.

This included cutting support for operations that took too long to become profitable.

Hawinkels’ contract wasn’t renewed after 2002, and he missed out on the long-term benefits of the Tencent investment, which pushed Naspers’ and Prosus’ combined market cap into the trillions.

Since leaving Naspers, Hawinkels has held executive positions at Truworths International, Times Media Group, and Wyzetalk.

Hans Hawinkels, former MIH Asia CEO and the man who identified Tencent as being ripe for Naspers’ investment

Koos Bekker’s billions

Bekker was a unique CEO during his time at Naspers’ helm. He had a very hands-off approach, which attracted talented executives who took charge of day-to-day operations.

This meant Bekker could focus on strategic planning.

He also took a unique — and risky — approach to his compensation, opting to forgo his salary, bonuses, and other perks in 1999. Instead, he received compensation via stock options, which vested over time.

This linked his personal wealth to the success of Naspers and its investments.

Despite the risky approach, Bekker’s wealth grew significantly through this compensation. His net worth is currently estimated at $2.82 billion (R51.5 billion).

Bekker was born in Potchefstroom in 1952 and completed his schooling at Hoër Volkskool Heidelberg.

He completed degrees in law at Stellenbosch University and literature at the University of the Witwatersrand.

He also holds an MBA from Columbia Business School and an honorary doctorate from Stellenbosch University.

Bekker co-founded M-Net/MultiChoice in 1985. It was the first pay-TV service launched outside of the US.

However, he is best known for his time at Naspers, which has maintained its presence in South Africa, owning South Africa’s largest news publisher, Media24, and the country’s largest online retailer, Takealot.

Koos Bekker, Naspers chair