Naspers up, Russian unit plans IPO

Naspers up, Russian unit plans IPO

2010-10-11 16:12

Johannesburg - Shares of South Africa's Naspers [JSE:NPN] rose 1.2% to R335.50 after the media firm's Russian unit, Mail.Ru Group, says it plans an initial public offering on the London Stock Exchange this year.

Shareholders are aiming to raise more than $500m by listing around 15% of the Russian internet firm, which is also an investor in Facebook, a source tells Reuters.

Naspers, which has focused on e-commerce and emerging markets as revenue from traditional media declines, directly owns nearly 29% of Mail.Ru Group.

Chinese firm Tencent Holdings, of which Naspers owns more than 30%, holds 10.3% of Mail.Ru.