Envelope error delays $100bn stock-market listing

Naspers says names and addresses were mixed up on shareholder circulars

Naspers controls a large stage in China’s Tencent. Photograph: Reuters

Naspers controls a large stage in China’s Tencent. Photograph: Reuters

 

An envelope snafu has led South Africa’s Naspers to delay its planned $100 billion (€88 billion) European listing of global internet assets, which includes a large stake in China’s Tencent. The company said the wrong envelopes were dispatched to shareholders.

Johannesburg-listed Naspers said on Friday that it would postpone listing what is likely to be Europe’s biggest consumer internet group until September, following the administrative error by an external service provider.

The listing was originally scheduled for July 17th.

Naspers said that the outside company mixed up names and addresses on circulars sent to shareholders ahead of a meeting this month to consider the listing.

“This could in some cases lead to confusion,” Naspers said. – Copyright The Financial Times Limited 2019