Naspers sets date for Amsterdam listing
Global technology and media giant Naspers has announced the date it plans to list its international internet assets on the Euronext Amsterdam stock exchange: Wednesday 17 July 2019. There will also be a secondary, inward listing on the JSE.
In a circular to shareholders released last month, Naspers states it will seek shareholder approval on 28 June for the process of listing a new group (NewCo) comprising its non-South African assets on the Euronext.
Naspers N shareholders will be issued with newly-created Naspers M ordinary shares which, post-listing, will be exchanged for NewCo shares (the default option). Shareholders can also elect to be issued with additional Naspers N ordinary shares instead of receiving NewCo shares.
Elections for shareholders will run from 1–19 July. While there should be no tax event for investors choosing Naspers N shares, there may well be tax implications for South African tax residents receiving Naspers M shares converting to NewCo shares.
If you’re a client of Sanlam Private Wealth, your portfolio manager will be in touch with you shortly to discuss your options and possible tax implications. If you’d like to speak to one of our portfolio managers, contact us on +27 21 950 2770.