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Tencent shareholder Naspers to list e-commerce ventures in Amsterdam

South African internet and media company Naspers is listing its e-commerce businesses - including its $134 billion stake in the Chinese internet giant Tencent - in Europe, the company said in a press release. The company said it would float these as an entity called NewCo on the Euronext exchange in Amsterdam. Naspers said the new company "NewCo", whose official name will be announced in the coming months, will be "Europe's largest listed consumer internet company by asset value". It will also have a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa. Naspers will own approximately 75% of NewCo and will list the new entity in the second half of 2019. Tencent became too big for Johannesburg Stock Exchange Naspers' stake in Tencent, which it bought for $32 million in 2001, was getting too big for South African markets. Naspers now constitutes almost 25% of the JSE, compared to 5% just five years ago, and its outsized weighting on the JSE exceeds most South African institutional investors’ single stock limits. As a result, many have been forced to sell as Naspers grows, the company said. Naspers’s Tencent stake is currently worth $134 billion, but its own market value is a shade under $98 billion, according to Fortune. Nasper’s chief financial officer Basil Sgourdos said the company has trimmed its Tencent stake, sold its Flipkart stake, and listed and unbundle MultiChoice Group from Naspers. "After a careful evaluation... the listing on Euronext Amsterdam proved to be the most promising for…

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