CEO Bob van Dijk shows he’s serious to alleviate investors’ concerns about the Tencent gap.
Meh ... That has mostly been the market’s reaction whenever CEO Bob van Dijk unveiled a plan to reduce the gaping discount between Naspers’s share price and the value of its stake in Chinese tech giant Tencent.
Not this time though. Naspers stock rallied more than 20% on Monday after the company announced an “open-ended” share repurchase plan, while the company’s Amsterdam-based subsidiary Prosus gained nearly as much. In what Van Dijk calls “a big bazooka idea”, the company will keep selling Tencent shares, bit by bit, and buying back stock of Naspers and Prosus until it has unlocked enough value...
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