Naspers (JSE: NPN) owned the vacant lot next to the head-office building in Cape Town with the intention to develop it as an office block. We received an unsolicited offer from the Cape Town International Convention Centre to buy the land for their own expansion plans. The property was valued by two independent valuation experts and we agreed to sell the land to the CTICC. We will have no further equity ownership in the development of the land or the CTICC.
ABOUT NASPERS
Naspers is a broad-based media group operating in 133 countries. It is listed on the JSE Limited (JSE), with an ADR listing on the London Stock Exchange. Its principal operations are in internet platforms (focusing on e-commerce, communities, content, communication and games), in pay-television and the provision of related technologies, and in some print media. Several of Naspers's businesses hold leading market positions. The group's most significant operations are in emerging markets, including Africa, China, Latin America, Central and Eastern Europe, Russia and India.
Contacts:
Naspers Limited
Carel Snyman, GM Finance
Tel: +27 21
406 3682
+27 21 406 2480
E-mail: csnyman@naspers.com
