Naspers Ltd. has put aside the proceeds of share sales in Chinese internet giant Tencent Holdings Ltd. and India’s Flipkart to pay for new investments due to the abundance of opportunities in its preferred media and technology markets.
Africa’s biggest company by market value raised HK$76.9 billion ($9.8 billion) in March by selling a 2 percent stake in Tencent — its flagship asset and by far the most lucrative. Naspers then netted a $1.6 billion profit from the sale of a stake in Indian e-commerce startup Flipkart to Wal-Mart Inc. in May.
“The reason why we freed up the money is that there is a lot of opportunity to invest at the moment in our core growth sectors: Food delivery, classified or in our payments business,” Chief Executive Officer Bob Van Dijk said in a phone interview Friday, after Naspers reported a 72 percent rise in full-year earnings. “That is where the bulk of the money will be invested in.”