South Africa’s Naspers plans new listing of pay-TV unit to focus on Internet

JOHANNESBURG: Naspers Ltd is planning to list its pay-TV unit in Johannesburg, spinning off a business it developed over three decades as Africa’s most valuable company focuses on its fast-growing Internet investments.

The split will take place in the first half of next year, chief executive officer Bob Van Dijk said on a call with reporters after the announcement on Monday. Naspers shares trade at a steep discount to its most important asset – Chinese Internet giant Tencent Holdings Ltd – and Van Dijk said two months ago he may separate parts of the company to boost shareholder value.