Prosus launches $5 billion share purchase program

Monday, 23. November 2020 09:54

Prosus N.V. announced on Monday the start of its share purchase and repurchase program with a combined value of approximately $5 billion. The company, which spun off Naspers Ltd. in 2019, stated the program will start on Tuesday and last until 26 November 2021 at the latest.

The Dutch e-commerce firm stated that it will use $1.37 billion for the repurchase of shares from its free-float shareholders, and an additional $3.63 billion will be invested in Naspers. It added that the transaction is "an investment in the group’s current strong internet portfolio, which is a sensible use of capital given full market valuations in consumer tech mergers and acquisitions, and the sizeable discount to the group's net asset value."

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