Naspers completes R22.4bn share buyback programme

Internet giant Naspers [JSE: NPN] has completed a R22.4 billion share buyback programme.

In a notice to shareholders, after markets closed on Monday, the group said that its buyback programme - which commenced in January - had completed on 24 March 2020. Over nine million Naspers N ordinary shares were sold.

"Naspers is pleased with the performance of this programme which, through the sale of shares of Prosus, with a lower discount to Net Asset Value and the repurchase of Naspers N ordinary shares with a larger discount, unlocked approximately R3.3 billion in value," the notice read.

"The Naspers N ordinary shares repurchased in terms of the programme have been cancelled and delisted. As a result, Naspers now has 435 511 058 N ordinary shares in issue."

Naspers opened the day at R2 600 and closed 3.06% higher at R2 618.

A share buyback programme may increase the demand for shares and also its price.

Compiled by Lameez Omarjee