https://www.wsj.com/articles/one-of-the-best-investments-in-history-becomes-a-headache-11561377644
One of the Best Investments in History Becomes a Headache
South African tech giant Naspers will need to articulate a more coherent strategy once it moves its key assets to Amsterdam
By Stephen Wilmot
June 24, 2019 8:00 am ET
One of the best investments of all time has become a big financial headache. Tencent's anchor shareholder has a curiously incomplete plan to manage the downside of its extraordinary early bet on the Chinese tech giant.
South African tech investor Naspers wants to transfer its key assets—a 31% stake in Tencent currently worth $134 billion and a number of other stakes and startups probably worth more than $20 billion—into a new company listed in Amsterdam, to be called Prosus. Naspers was originally due to seek shareholder approval this month, but on Friday delayed the meeting until August due to an "administrative error," it said. The move, if it goes through as planned, answers some, but by no means all, the questions raised by the company's unique position.