Naspers and Prosus Shares Rise on Plan to Simplify Ownership
- Regulators approved a plan to unwind cross-holding structure
- Deal will allow Naspers to buy back more of its shares
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Dutch e-commerce investor Prosus NV and its controlling shareholder Naspers Ltd. shares gained after winning approval from South African regulators to unwind their complex ownership structure.
In an unusual arrangement, for nearly two years Amsterdam-based Prosus has owned nearly half of its Cape Town-headquartered parent company Naspers. The South African Reserve Bank has now green-lit a transaction that will allow Naspers to buy back more of its shares and work to undo that structure, the companies said in a statement.