Naspers, the listed internet and media group says it has invested an additional\u00a0US$75 million (R818 million) in the Souq Group, an online retailer based in the\u00a0UAE.<\/p>\n
Shares in Naspers advanced 5.5% in midday trade on the JSE\u00a0 on Monday, to R1,219, taking the group’s market cap to R510 billion.<\/p>\n
Naspers currently has a 35.8% interest in the e-commerce site, having initially acquired a 29.6% interest in Souq – which has operations in the UAE, Saudi Arabia, Egypt and Kuwait – for R319 million in cash in October 2012.<\/p>\n
In June 2013, it acquired an additional 6.1% interest in Souq for R296 million in cash.<\/p>\n
“We have invested another US$75 million in the Souq Group, the market leader in the fast-growing e-commerce market in MENA (Middle East and North Africa). This forms part of our broader strategy to build e-commerce businesses in developing countries around the world,” Naspers told BusinessTech.<\/p>\n
“The additional funding into Souq Group will be used to deepen their technology investment and to focus further on innovation to provide customers with a unique and advanced mobile experience, a personalized user experience, and unprecedented delivery and customer service quality. Souq Group will also invest in its talent pool.”<\/p>\n
In February, Naspers announced that CEO, Koos Bekker would be stepping down, and will be succeeded by Bob van Dijk, currently Naspers\u2019s most senior e-commerce chief, in April.<\/p>\n
Among other experience, he headed up eBay Germany, that group\u2019s biggest market outside the US, and was COO of Schibsted\u2019s Classifieds.<\/p>\n
Naspers restructures e-commerce business<\/strong><\/a><\/p>\n Analysts weigh up Naspers post-Bekker<\/strong><\/a><\/p>\n