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Naspers’ remaining 31% share in Tencent (700.Hong Kong) is nominally worth $134 billion; Naspers itself is valued at $99 billion. if (textParagraph) { Naspers is a global powerhouse in the Internet and entertainment space, and invests large amounts in tech companies globally. The company argued that the tribunal first had to establish the identity of all the entities that directly or indirectly control Novus, and consider the competition concerns before it could deliberate whether the unbundling condition would address such concerns. Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. var newTweetLink = document.createElement("a"); }) Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and … Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. if (document.selection.createRange) { She joined Naspers as a director in 2003 and was appointed a director of Media24 in 2007. Excluding Nasbel votes, the allocation of votes at Naspers shareholder meetings on such major matters would, according to Caxton, be as follows:Â. Caxton states that it is clear that without the voting power of the Nasbel shares, Keeromstraat would not, on its own, be capable of maintaining the Naspers control structure. Vos, at the time Head: Secretariat and Intellectual Property at Naspers, stated in her affidavit that the locus of control in Naspers “clearly” rests with Nasbel, Keeromstraat and Wheatfields. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/news/companies-and-deals/who-owns-naspers/&via=Moneyweb"; It argues that in terms of the JSE listing requirements, shares in such circular structures are treasury shares which cannot vote in major matters, including major transactions, schemes of arrangement, and take-over bids. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. The current hearing is the result of this appeal decision. Terms of use. function getSelectedText() { Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Are you an executive on a company pension? Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. var x = (e.clientX + 5) + 'px', No annual fee increase for pharmacy professionals next year – council, General Why mess with it in times of turmoil when people need to shore up their portfolios from the disaster of this regime? Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. }); 5000 shares in Naspers gives my Trust ZERO influence – great increased value – but no say really (not that I thought I had any say with such a small holding. At the time Caxton, which competes with Novus and Media24, tried to interdict the listing on the basis that it constituted a merger that should first be approved. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. The tribunal dismissed the case and the listing proceeded, but Caxton won the case on appeal. This fund is run by World Asset Management, the investment arm of HSBC. } Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Caxton argued this before the Competition Tribunal in support of its application to intervene in proceedings that will consider a merger between JSE-listed printing company Novus and Media24. }, 500); BACK TO CITIZEN Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. The remaining shares in Nasbel, according to the commission, are widely held by 2 611 shareholders. Central African Republic: Factfile, Naspers shares weaken in early trade in wake of Trump’s WeChat ban, Mango, FlySafair, Airlink and CemAir to take flight in Level 3, New Covid-19 variants: What we know so far, in 500 words, No annual fee increase for pharmacy professionals next year – council, Health department suspends screening at Beitbridge, Mkhize says UK minister’s claims on Covid-19 variant ‘incorrect’, The Citizen e-edition/ print bundle subscription rates. Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. Media24 is Africa's largest publisher, printer, and distributor of magazines and related products, as well its largest newspaper publisher. Who bought or sold Naspers Ltd - N Shs Spon Adr this quarter? textParagraph.addEventListener("mouseup", function (e) { However, on Wednesday Caxton argued before it that the merging parties in the latest notification again failed to fully disclose who controlled Naspers. } Naspers owns 72.66% of Prosus, which trades in Amsterdam. Cax­ton fur­ther con­tends that Heem­st­ede, a fully-owned sub­sidiary of Naspers, owns 49 per­cent in Nas­bel. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", Tencent's headquarters is currently the Tencent Binhai Mansion, also known as the Tencent Seafront Towers, which is located in Shenzhen's Nanshan District. } The companies argued that Caxton has nothing substantive to say about the unbundling condition. Sanlam is a 50% shareholder in Wheatfields. Koos Bekker is revered for transforming South African newspaper publisher Naspers into an ecommerce investor & cable TV powerhouse. } Media24, on the other hand, argued that the conditions constitute a de-merger and it would be practical and sensible to accept the conditions without embarking on a lengthy enquiry to satisfy the questions that Caxton has been raising over a number of years. If the tribunal found that at 19% shareholding there is still any control left, it would reduce its stake even further. Earlier this year the Competition Commission (CompCom) recommended the approval of the merger on condition that Media24 unbundle its 93.88% stake in Novus to Naspers shareholders. They have been buying shelf space in stores (yes you pace for the space and the level on the shelf at which your product is displayed) and created and kept publications in these shelf spaces simply to keep competitor publishers out of the market. 2.I think Caxton’s Mission Statement confirms that their core business is printing (that is also my ‘’recollection’’ of this company….. Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. By continuing to use our website, we assume you are okay with it. If Caxton is correct and the voting pool is indeed broken, it might mean a shift in control. This meant the inquiry never took place. Earlier this year the Competition Commission (CompCom) recommended the approval of the merger on condition that Media24 unbundle its 93.88% stake in Novus to Naspers shareholders. 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