By Adria Calatayud
Prosus NV, the company holding Naspers Ltd.'s (NPN.JO) stake in Tencent Holdings and its other non-South African internet investments, set Tuesday a reference price of 58.70 euros ($64.80) a share ahead of its listing on Euronext Amsterdam.
Prosus, which also houses stakes in Russian social-media operator Mail.ru Group Ltd. (MAIL.LN), U.S. online marketplace Letgo and German food-delivery company Delivery Hero AG (DHER.FF) among others, is due to start trading at 0700 GMT on Wednesday. Prosus will also have a secondary listing in Johannesburg.
The company's reference price was calculated on the basis of Naspers's closing price Tuesday. The figure is used by traders as a starting point to set the trading price of the shares when the market opens.
Naspers will retain control over Prosus, as it plans to keep a stake of between 73% and 83%. It won't raise any money through the listing.
The South African internet company said it would issue newly created shares to its shareholders, which would be exchanged for Prosus shares. Naspers said its shareholders would also be able to receive additional Naspers shares instead of stock in Prosus.
Naspers, Africa's most valuable company, outlined plans to carve out its internet assets outside of South Africa in March, in a bid to reduce the discount its shares traded at relative to the value of its 31.1% stake in Tencent.
Naspers paid $34 million for its original stake in 2001 and the Chinese tech giant is now one of the world's most valuable companies.
The listing was originally scheduled to take place in July, but was delayed after an administrative error forced Naspers to push back a general meeting of shareholders to vote on the deal.
Prosus, Latin for "forward," made a net profit of $1.43 billion in the quarter to June 30, up from $1.08 billion in the same period a year earlier, according to a prospectus published last month.
Write to Adria Calatayud at email@example.com