JSE listed media and internet firm, Naspers no longer holds any stock in Facebook\u00a0after Mail.ru dropped its shares in the social network giant for $525 million (R5.38 billion).<\/p>\n
In morning trade on the JSE, Naspers shares traded at record highs, up nearly R15 or 1.67% to R884, having seen an intra-day best of R889.47.<\/p>\n
The group’s share price is up R333, or 60% in the year to date, giving it a market cap of R367.59 billion.<\/p>\n
While Naspers did not own a direct stake in Facebook, it had an indirect investment in the social networking company through Russian Internet company, Mail.Ru, which owned the shares.<\/p>\n
Naspers is a minority shareholder in Mail.Ru, with a 29% stake in the Russian firm which, had previously held 14.2 million shares in Facebook.<\/p>\n
Naspers was able to sell one third of its stake in Facebook when the social company listed in May 2012 \u2013 at a company value of $100 billion.<\/p>\n
Following a rocky IPO, Naspers CEO Koos Bekker initially expressed his misgivings over the future of the social network’s performance on the Nasdaq.<\/p>\n
He said that Naspers would look to get rid of its remaining shares in Facebook as soon as it was able, having already sold two-thirds for a book profit of R1.5 billion through Mail.ru.<\/p>\n
\u201cAny future disposals would be a decision for the Mail.ru board to make and we cannot comment or speculate on that,\u201d Naspers told BusinessTech earlier in 2013.<\/p>\n
On the Nasdaq, Facebook shares were trading at a fraction of a percent lower at $41.78, though still riding the highs of recent trade, past its $38 listing price.<\/p>\n
Facebook lifts Naspers to record highs<\/a><\/strong><\/p>\n Naspers: no faith in Facebook<\/a><\/strong><\/p>\n Naspers boss sitting on company stock goldmine<\/a><\/strong><\/p>\n