Naspers hammered on Tencent
Shares in listed media and internet giant, Naspers declined in afternoon trade on the JSE on Monday, as its investment in Chinese Internet firm Tencent, continues to weigh.
Naspers moved R43 or 4% lower to R1,046, having recovered slightly from an an intraday worst level of R1,032.
Tencent, which is over 30% owned by Naspers, lost 2.3% on Monday, having declined 4% on Friday, Reuters reported.
Hong Kong shares fell to a five-month low amid a broad sell off in emerging markets over the past few sessions.
Naspers, which owns Multichoice locally, lost 5% in trade on Friday; however, its overall return over the past 52 weeks is at 83.56%.
The South African company has profited handsomely from its Chinese investment, which has surged to record levels in recent months, making its chairman Ma Huateng, China’s richest man, according to Bloomberg’s Billionaires Index.
Naspers first broke through the R1,000 barrier in early December 2013, having first listed on the JSE 19 years before in September, priced at R17.50 per share.
And having closed its first day at R21, the capitalised value of Naspers amounted to R2.3 billion.
With a market cap now exceeding R440 billion, Naspers is seen as the most valuable local company on the JSE.
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