Naspers sells Flipkart stake

Naspers has concluded the sale of its 11.2% stake in Indian e-commerce company Flipkart, realising US$2.2 billion (about R32.2 billion) in proceeds.

The JSE-listed media and technology group announced in May it would sell the stake in Flipkart to the US-based retail group Walmart, the world’s largest company by revenue with annual sales of more than $500 billion.

“Shareholders are advised that all regulatory conditions have been met,” Naspers said in a statement issued on the JSE’s stock exchange news service.

“Proceeds will reinforce Naspers’s balance sheet and will be invested over time to accelerate the growth of Naspers’ classifieds, online food delivery and fintech businesses globally,” it said.

Earlier this month, Naspers said it would invest a further $500-million in US mobile classifieds platform letgo.

This article was first published on TechCentral.

Moneyweb

Consistently producing double-digit dividend growth during tough times has been the hallmark of high-flying property group Resilient for years. The spectacular pace of dividend growth at Resilient, founded in 2002 by lawyer-turned-property baron Des de Beer, left investors in awe. Resilient delivered annual dividend growth of between 16% and 25% over the past five years, while its counterparts were struggling to maintain 6% to 8%.

However, if Resilient’s results for the year to June are anything to go by, the company’s outperformance has stunningly crashed.

Resilient, whose flagship properties include Jabulani Mall in Soweto, The Grove Mall in Pretoria and Mall of the North in Polokwane, reported lower dividend growth for the first time in