/ 17 September 2018

Naspers announces MultiChoice unbundling

Naspers said in a SENS statement that this marks a significant step for the group as it continues what it calls its "evolution into a global consumer internet company".
Naspers said in a SENS statement that this marks a significant step for the group as it continues what it calls its "evolution into a global consumer internet company". (Bloomberg)

Naspers announced on Monday its intention to list its Video Entertainment business separately on the JSE and simultaneously to unbundle the shares in this business to its shareholders.

The new company will be named MultiChoice Group and will include MultiChoice South Africa Holdings and its subsidiaries, associates and/or affiliates, MultiChoice Africa Holdings and its subsidiaries, associates and/or affiliates, MultiChoice Botswana, MultiChoice Namibia, NMS Insurance Services SA, the African division of Showmax and its subsidiaries, associates and/or affiliates, Irdeto Holdings and its subsidiaries, associates and/or affiliates and Irdeto South Africa.

Naspers said in a SENS statement that this marks a significant step for the group as it continues what it calls its “evolution into a global consumer internet company”.

It expects that listing MultiChoice Group via an unbundling will unlock value for Naspers shareholders and at the same time create “an empowered, top-40 JSE-listed African entertainment company”.

“MultiChoice Group will remain committed to broad, socio-economic transformation in South Africa, most notably through its Phuthuma Nathi Investments (RF) and Phuthuma Nathi Investments 2 (RF) — collectively called PN – share schemes,” said Naspers. 

In its view, the PN schemes are among the most successful broad-based black economic empowerment (BBBEE) schemes in SA and have already created around R12-billion in value for BBBEE shareholders. — Fin 24