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CEO Weekends: Naspers No Longer Holds Any Facebook Stock

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Nasper does not have share holdings in Facebook after Mail.ru dropped its shares in the social networking company for $525 million.

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The JSE listed media and internet firm, Naspers shares traded at record highs, up nearly R15 or 1.67 percent to R884, having seen an intra-day best of R889.47. The group’s share price is up R333, or 60 percent in the year to date, giving it a market cap of R367.59 billion.

Naspers had an indirect investment in the social networking company through Mail.ru, a Russian Internet company who owned 14.2 million shares. Naspers is a minority shareholder in Mail.Ru, with a 29 percent stake.

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Naspers was able to sell one third of its stake in Facebook when the social company listed in May 2012, at a company value of $100 billion.

Koos Bekker, Naspers CEO initially expressed his suspicion over the future of the social network’s performance on the Nasdaq.

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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.

“Any future disposals would be a decision for the Mail.ru board to make and we cannot comment or speculate on that,” said Naspers.

Facebook shares were trading at a fraction of a percent lower at $41.78, on the Nasdaq, though still riding the highs of recent trade, past its $38 listing price.

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Caroline Vutagwa
Caroline Vutagwahttps://my.techmoran.com
Minding my own business is not enough for me that's why you will always find me minding Africa's Businesses as well as Technology and of course letting you know about it. Talk to me on [email protected]

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