The market capitalization (or market value) of Naspers, a South African global Internet and entertainment group, reached US$68 billion (R1 trillion) on May 31, 2016 after its share price rose to R2,300 (about US$148)
The company’s shares rose as much as 2.8% before trading 1.8% higher at R2,310.48, a record high, as of 3:42 p.m yesterday in Johannesburg.
The sharp rise in its market value was assisted by Tencent, the biggest Internet company in China. Tencent was 2% higher at HK$173.30 at the market close in Hong Kong, also a record, and is valued at HK$1.6 trillion (US$206 billion).
“Many new technology stocks are at an all time high including Facebook and more importantly Tencent, in which Naspers has a big share,” Peter Takaendesa, an analyst at Cape Town-based Mergence Investment Managers, told Bloomberg by phone.
He added, “On top of that, the weaker rand is helping Naspers as its Tencent earnings are converted.”
Naspers, the biggest publicly traded company by market value in Africa, has a 35% stake in Tencent, which is by far its most successful investment.
One of the largest technology investors in the world, Naspers currently operates in more than 130 countries and markets with long-term growth potential.
In these countries, millions of people use the products and services of companies that Naspers has either invested in, acquired and built including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru, Movile et al.