OWN CORRESPONDENT, Johannesburg | Wednesday 11.15am
SHARES in OpenTV, a subsidiary of television platform operator MIH Holdings’ international subsidiary MIH Limited (MIHL), made major gains following its listing on the Amsterdam and Nasdaq stock exchanges on Tuesday with a successful private placing by the group of 7,5-million shares at $20 per share. OpenTV’s share price opened in Amsterdam at its issue price, but soon shot up to trade between $55 and $60 per share for most of the day. This price gives OpenTV a market capitalisation of just below $2,9-billion, while the value of MIHL’s interest of 60% in OpenTV amounts to just over $1,7-billion. OpenTV develops software for digital satellite decoders and television networks for interactive television. OpenTV’s excellent bow on Tuesday will have a positive impact on the equity prices of several South African company which have already risen sharply in the past two months in anticipation of OpenTV’s listing.
Naspers has an interest of 56% in MIH Holdings, while MIH Holdings has a 59% interest in MIHI. MIHI, in turn, has a 60% interest in the issued share capital of OpenTV.
These interests have been clearly reflected in the movements of the share prices of Naspers and MIH Holdings over the past few months. Tuesday saw Naspers’ counter climbing by 270c or 5% to R56,20, MIH Holdings’ by 350c or 9% to R42.75 and M-Net/Supersport’s by 49c or 8,4% to R6,30.
MIH Holdings’ and Naspers’ share price stood at R20,35 and R29,50 respectively on 22 October before rumours about OpenTV’s listing began to filter through. This means the equity prices of these companies rose by 110% and 90% in the past month to their present levels. — Reuters