Shareholders of tech giant Naspers voted overwhelmingly in favour of the company's proposal to list its international assets offshore, in Amsterdam; but delivered a klap when it came to supporting the remuneration policy.
At a general meeting attached to its AGM on Friday 23 August, Naspers shareholders voted overwhelmingly in support of the company's plan to unbundle its global internet assets and list them on the Euronext in Amsterdam, with a secondary listing on the JSE.
Unlike the listings of other high-tech firms such as Uber and Lyft, where early investors are still under water, chances are that the listing will go well for several reasons.
Unlike Lyft and Uber, the listing is not an initial public offering and Naspers is not attempting to raise cash. Instead, Naspers will own at least 73% of the subsidiary, named Prosus, with about 27% made available for a free-float (shares that can be freely traded). This will be created by Naspers, which will issue its shareholders with one Prosus share for every Naspers share held.
Prosus will become Europe's largest listed consumer internet company by asset value, and management hopes it will attract investment from a previously untapped pool of investors.