The share price of media giant, Naspers, on Monday surged 0.86 percent during late trade on the JSE, boosted by a soaring Tencent on Asian markets.
The stock had gained 2.84 percent during early trade on the JSE. This comprised a 79 percent surge in the stock price in the past 12 months.
Naspers has a 34 percent shareholding in Tencent, the largest Internet firm in China. Tencent had gained 4 percent in Hong Kong’s late trade, according to BusinesTech.
Meanwhile, MediaNama, the website of news and analysis of India’s digital media, reported that Tencent and Naspers were rearranging their Indian joint venture.
In terms of the new restructuring, Tencent will run social media operations in India and Naspers will pay more attention on e-commerce.
Once the restructuring is finished, Tencent will have an 80 percent shareholding in the Social Network Business.
It will also hold 19.9 percent shareholding in the eCommerce Business through MIH India eCommerce.
MIH India Global runs Naspers’ India business of which Tencent has a 19.9 percent stake.
Naspers-controlled MIH Group has an 80.1 percent stake in Naspers India business.