The Public Investment Corporation (PIC) has raised its beneficial interests in Naspers' N ordinary shares to 21.199%, according to a statement released on Thursday. The increase is a result of a capitalization issue and consolidation of N ordinary shares that took place on September 18, 2023.
InvestingPro real-time metrics reveal that Naspers, a global consumer internet company that operates through Prosus (OTC:PROSF), is a prominent player in the Broadline Retail industry, trading at a low earnings multiple. This aligns with PIC's increased stake, as Naspers targets high growth potential markets and fosters the development of leading internet companies.
According to InvestingPro Tips, Naspers holds more cash than debt on its balance sheet and has maintained dividend payments for 27 consecutive years, making it a potentially lucrative investment. In addition, the company's management has been aggressively buying back shares, indicating confidence in its future prospects.
Naspers acknowledged the receipt of PIC's notice and will forward it to the Takeover Regulation Panel. The board of directors confirmed the accuracy of this information and assured there were no significant omissions.
In accordance with the Companies Act and JSE Listings Requirements, the PIC was obliged to notify Naspers and the Takeover Regulation Panel about its increased stake. This move signifies PIC's growing interest in Naspers, which targets high growth potential markets and fosters the development of leading internet companies.
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