Naspers has announced its video entertainment business, MultiChoice Group, will list on the Johannesburg Stock Exchange (JSE) on 27 February.
This follows last year's pronouncement that the Internet giant was planning to list MultiChoice separately on the JSE and simultaneously to unbundle the shares in the business to its shareholders.
In a statement issued this afternoon, Naspers says MultiChoice SA, MultiChoice Africa, Showmax and Irdeto and their subsidiaries and affiliates, will, among others, be subsidiaries of MultiChoice Group.
According to Naspers, it remains committed to SA and will continue to operate and invest in local e-commerce and consumer Internet companies across classifieds, etail, payments, and online food delivery, as well as Media24.
Naspers reveals it has invested R6.9 billion over the last three years in developing its existing South African businesses and through mergers and acquisitions. Looking ahead, the company has promised to invest a further R4.6 billion in new and existing technology companies in the country.
Bob van Dijk, Naspers CEO, says: "MultiChoice Group is a pioneer in video entertainment across Africa and we are extremely proud to have built this company into a major success from the time when it was founded over 30 years ago. The strength of the company's leadership team, alongside its compelling content, world-class technological capabilities and attractive financial profile means that it is very well positioned for future growth in an evolving sector on the African continent.
"This is an exciting time for both Naspers and our shareholders. The unbundling of MultiChoice Group will complete Naspers' evolution into a global consumer Internet company while also creating the opportunity for our shareholders to own a stake directly in MultiChoice Group, a unique African success story."
MultiChoice Group CEO Calvo Mawela adds: "We believe the listing of MultiChoice provides an excellent opportunity to invest in the leading provider of video entertainment on the African continent. MultiChoice Group brings an incomparable local and international content offering to around 14 million households and is one of the fastest-growing pay-TV broadcast providers globally. With strong financials, the flexibility of an ungeared balance sheet and deep local knowledge, we hope to deliver excellent returns to shareholders over time."