South Africa-based Naspers Ltd. is moving ahead with its plan to list its new global consumer internet group, NewCo, comprising its international internet assets, on the Euronext stock exchange in Amsterdam on July 17, along with a secondary, inward listing on the Johannesburg Stock Exchange in South Africa.
The company will hold a general meeting of shareholders June 28 in Cape Town to discuss the matter, according to a company release.
Following the listing, Naspers expects to own 73% of NewCo, and the free float is expected to be up to 27%, created by Naspers through a capitalization issue of NewCo shares to Naspers shareholders.
The new company will comprise all of Naspers' internet interests outside of South Africa including Tencent Holdings Ltd., Mail.ru Group Ltd. and OLX Inc.
The transaction is subject to the requisite regulatory and shareholder approvals and is expected to be implemented in July.