{"id":43906,"date":"2013-08-25T12:06:09","date_gmt":"2013-08-25T10:06:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=43906"},"modified":"2013-08-26T09:18:26","modified_gmt":"2013-08-26T07:18:26","slug":"naspers-bullish-over-south-east-asia","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/43906\/naspers-bullish-over-south-east-asia\/","title":{"rendered":"Naspers bullish over South East Asia"},"content":{"rendered":"

Media and Internet firm Naspers<\/a> says it remains bullish on the Indonesian and Philippine e-commerce markets, despite its closure of\u00a0Multiply.com, the\u00a0Jakarta based\u00a0e-commerce site, at the end of May.<\/p>\n

The group also reported in its annual results that it closed its business-to-business-to-consumer e-commerce site, Sabuy in Thailand.<\/p>\n

Multiply began life in 2004 as a social networking and media sharing service in Florida and at its peak reached\u00a011 million registered users.<\/p>\n

Myriad International Holdings (MIH), a subsidiary of Naspers, bought a controlling interest in\u00a0Sabuy in 2010, and in 2012 it\u00a0moved to Jakarta, Indonesia, early\u00a0focusing\u00a0on e-commerce and dropping its social networking aspects.<\/p>\n

Quantcast estimated that Multiply had 2.47 million monthly U.S. unique visitors at its peak in July, 2012.<\/p>\n

“The performance of Multiply has been below expectation since its repositioning from a social networking service to online marketplace and we did not believe the situation would improve,” a Naspers\u00a0spokesperson told BusinessTech.<\/p>\n

“As a result we closed the business on 31 May, after allowing reasonable time for the merchants on the Multiply platform to find and migrate to alternative ecommerce platforms,” the spokesperson said.<\/p>\n

“We retain exposure to the region (Indonesian and Philippine)\u00a0through investments in Tokobagus (Indonesia) and Sulit (Philippines), both strong brands occupying the number one market position in the general classifieds category in each of the two respective countries.”<\/p>\n

Shares in Naspers have hit record highs in recent sessions, closing at R876.43 on Thursday (22 August). It has jumped 76.77% over the past year.<\/p>\n

The group’s march was halted briefly earlier this month when\u00a0Tencent Holdings Ltd<\/a>, China\u2019s largest Internet company by revenue, missed analysts\u2019 estimates. The firm is more than 30% owned by Naspers.<\/p>\n

In June, Naspers reported a 27% rise in consolidated revenues, to R50.2 billion for the year ended March 2013.<\/p>\n

Growth came from organic expansion of existing businesses and\u00a0acquisitions, supplemented by the depreciation of the rand.<\/p>\n

On e-commerce, Naspers said: \u201cWe believe online shopping is a global consumer trend and anticipate that affordable tablets and\u00a0smartphones will accelerate the uptake of services in our markets.\u201d<\/p>\n

More on Naspers<\/h3>\n

Facebook lifts Naspers to record highs<\/strong><\/a><\/p>\n

Tencent misses earnings estimate<\/strong><\/a><\/p>\n

Naspers raising $750m for acquisitions<\/strong><\/a><\/p>\n

Naspers takes bigger bite into India<\/strong><\/a><\/p>\n

Naspers targets mobile<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Naspers says it remains bullish on the Indonesian and Philippine e-commerce markets, despite its closure of Multiply.com the Jakarta based e-commerce site at the end of May.<\/p>\n","protected":false},"author":10,"featured_media":27686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[2065,26,109,107,6466,6465],"class_list":["post-43906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-e-commerce","tag-headline","tag-mih","tag-naspers","tag-sulit","tag-tokobagus"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=43906"}],"version-history":[{"count":18,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43906\/revisions"}],"predecessor-version":[{"id":44749,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43906\/revisions\/44749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/27686"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=43906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=43906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=43906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}