PROSY - Naspers Prosus rise in down market after $5B buyback plans

Naspers ADRs (NPSNY) are 3.5% higher today after news that its subsidiary Prosus (PROSY +2%) intends to buy up to $5B total in Naspers and Prosus shares. That includes an on-market repurchase program to buy up to $1.37B in Prosus shares from free-float shareholders, and an on-market program to buy up to $3.63B in Naspers shares. That's another step in Prosus creating shareholder value, it says, and reflects its focus on reducing discount to net asset value. Naspers' board believe the purchases mark a "timely" investment in their strong Internet portfolio, and a "sensible use of capital" given full-market valuations in consumer Internet and the "sizable" consolidated discount to NAV.

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Naspers, Prosus rise in down market after $5B buyback plans