Naspers shares rose after Africa’s largest company said it expects to report core earnings growth for the just-ended fiscal year, bolstered by the sale of a stake in Chinese Internet giant Tencent Holdings Ltd.
The South African media and investment company raised HK$76.9 billion ($9.8 billion) in March by selling a 2% stake in Tencent. The shares rose 0.8% to R3,379 by 15h40 in Johannesburg.
Naspers has said it would use the money from the sale of Tencent shares to invest in its classifieds, online food delivery and financial technology businesses and make other investments. It plans to release earnings around 22 June for the year ended 31 March.
Growth also will be boosted because the company changed the way it calculates core headline earnings, Naspers said in a statement Wednesday.
Besides its stake in Tencent, which operates the WeChat messaging service, Naspers owns newspapers, operates pay-television services and has investments in a range of internet companies.