Naspers is planning to list its video entertainment business which includes MultiChoice South Africa, MultiChoice Africa, Showmax Africa, and Irdeto separately on the Johannesburg Stock Exchange (JSE) as MultiChoice Group.
To do this, Naspers will be unbundling the shares in this business to its shareholders.
Confirming the development, Naspers CEO Bob van Dijk said it marks a significant step for the Naspers Group as they evolve into a global consumer Internet company.
“Listing MultiChoice Group via an unbundling aims to unlock value for Naspers shareholders and at the same time create an empowered, top 40 JSE-listed African entertainment company,” Dijk said.
Video Entertainment CEO Imtiaz Patel said: “Listing and unbundling MultiChoice Group is intended to create a leading entertainment business listed on the JSE that is profitable and cash generative. We offer an unmatched selection of local and original content, as well as a world-class sports offering.”
MyBroadband reported Naspers’ Video Entertainment business is one of the fastest growing pay-TV operators globally and its multi-platform business entertains 13.5 million households across Africa.
“In the last financial year, the business added 1.5 million subscribers, and generated revenue of R47.1 billion and trading profit of R6.1 billion,” said the company.
“Naspers will retain its primary listing on the JSE as well as its interests in Media24. MultiChoice Group is anticipated to list on the JSE and simultaneously unbundle in the first half of 2019, subject to the approval of the requisite regulatory authorities.”
