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Business News

Naspers has finalised its mode of exit from Multichoice

Naspers has decided to list Multichoice its pay video business on the Johannesburg Stock Exchange.

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Naspers

South African broad-based multinational internet and media giant, Naspers has decided to list Multichoice its pay video business on the Johannesburg Stock Exchange next year while unbundling the shares to its existing shareholders.

The standalone unit will be called Multichoice Group and will include MultiChoice South Africa Holdings, MultiChoice Africa Holdings, MultiChoice Botswana, MultiChoice Namibia, NMS Insurance Services SA Ltd, Showmax and Irdeto Holdings.

Multichoice owns popular paytv services DSTV and GoTV.

The company made this known in a notice on its website, and also held a conference call where it provided further details on the transaction.

Naspers CEO, Bob Van Djik also disclosed the company would consider listing other units.

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“We are also looking at some primary listings for some of our other businesses to further unlock value.”

What does unbundling mean?

Rather than sell the unit, the company will give Multichoice shares to its existing shareholders. Tier one bank UBA Plc, had few years ago taken a similar step when it listed United capital plc and Africa Prudential plc on the Nigerian Stock Exchange (NSE). UBA shareholders were given shares in the new entities.

Why is the company doing this?

The move would enable the firm boost its valuation as some institutional firms had refused to hold the stock because of its weighting on the Johannesburg Stock Exchange.

The firm had in the past indicated it’s intentions to sell off the pay video arm and face its more lucrative internet businesses.

Deal book 300 x 250

While Multichoice added 1.5 million subscribers in its last financial year, it contributes less than 10% of group revenue and is growing at a much smaller pace compared to other segments like Mail.ru and Tencents where Naspers has a significant stake.

Implications of the offer

The company would be in a position to take decisions of its own and could decide to exit markets it find unprofitable.

Naspers was founded in 1915, and is one of the largest technology investors in the world, with operations in over 100 countries and a staff strength of over 23,000.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Hospitality & Travel

KLM demands rapid antigen tests from Lagos passengers, as Netherland bans flights to UK, others

Passengers are to obtain rapid antigen tests at Murtala Mohammed International Airport before departure via Air France KLM Royal Dutch Airlines.

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KLM, Air France to resume flight operations in Nigeria from December 7

Air France KLM Royal Dutch Airlines has asked passengers departing from Lagos to obtain a rapid antigen test at Murtala Mohammed International Airport before departure from January 26, 2021.

This was disclosed by the Commercial Team Nigeria, Air France KLM Royal Dutch Airlines in its newsletter.

The airlines explained that customers, who are traveling to France as their final destination, now need to show a negative COVID-19 test result before boarding the aircraft and that the test result cannot be older than 72 hours and only PCR or LAMP tests are accepted.

Also, to fight against COVID-19, the Dutch government imposed flight ban to the United Kingdom, South Africa and South America.

It stated, “In addition, a second COVID-19 test will be required (rapid test – antigen) for all customers traveling to The Netherlands, including transfer customers.

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“No passengers will be allowed to board the aircraft without both the negative PCR test (72 hours before departure) and antigen test results (4 hours before departure) and will be rebooked accordingly. For now, all flights to/from U.K will be suspended until 27 January 2021.”

Steps to obtain rapid test

  • Antigen testing for passengers flying to The Netherlands including transfer customers need to be done as of 4
    hours prior to flight departure. In order to undergo the test, each passenger must complete a biodata form
  • The payment for the COVID-19 antigen test needs to be made via cash or card. The venue for sample collection is at the airport close to the check-in desks.
  • Rebook policy for mandatory PCR test: Customers that are not able to provide negative test results on time can take advantage of Air France and KLM PCR-test rebook policy.

What you should know

In December 2020, Nairametrics reported that KLM Royal Dutch Airlines and Air France resumed flight operations to Abuja and Lagos.

The airlines in a statement disclosed that international passengers can now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of further transfers to other European and North Atlantic destinations.

In a piece of travel advice, the airline asked customers to ensure they are well prepared for their trip and check the entry and travel requirements for their destination and transit countries in line with travel restrictions and governmental authorizations before making any travel plans. This is as the entry requirements may change with short notice.

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Tech News

Twitter acquires newsletter service, Revue

Twitter has acquired Revue, an email service that lets writers publish newsletters.

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Twitter Acquires Revue, A Newsletter Company

Twitter has acquired Revue, a Dutch startup that makes it free and easy for anyone to start and publish editorial newsletters. This is coming after a failed attempt to acquire Revue’s competition Substack.

Twitter has made massive moves over the past two months to acquire start-ups as it tries to expand beyond its core timeline product.

What they are saying

  • According to a blog post by Twitter VP of Publisher Products, Mike Park and Product Lead, Kayvon Beykpour, “Many established writers and publishers have built their brand on Twitter, amassing an audience that’s hungry for the next article or perspective they Tweet. Our goal is to make it easy for them to connect with their subscribers, while also helping readers better discover writers and their content. We’re imagining a lot of ways to do this, from allowing people to sign up for newsletters from their favorite follows on Twitter, to new settings for writers to host conversations with their subscribers. It will all work seamlessly within Twitter.

They added that Twitter will continue to operate Revue as a standalone product, with its team remaining “focused on improving the ways writers create their newsletters, build their audience and get paid for their work.”

  • “Revue will accelerate our work to help people stay informed about their interests while giving all types of writers a way to monetize their audience – whether it’s through the one they built at a publication, their website, on Twitter, or elsewhere,” the Twitter executives said.

They also said that bringing Revue to Twitter will supercharge this offering, helping writers grow their paid subscribers while also incentivizing them to produce engaging and relevant content that drives conversations on Twitter.

Twitter will make Revue’s Pro features free for all accounts and lower the paid newsletter fee to 5%, a competitive rate that lets writers keep more of the revenue generated from subscriptions.

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What you should know:

  • In December, Twitter bought Squad, a multi-participant video chat app, and this month it acquired the social broadcasting service, Breaker to create audio conversations for Twitter users. And now, they have added Revue to the collection of startups.
  • Revue was originally founded in 2015 in the Netherlands.
  • Twitter’s acquisition of Revue also places it in direct competition with Substack, a rival email newsletter service that has been growing in popularity recently.

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Coronavirus

Benue State Governor, Ortom tests positive for COVID-19

Benue State Governor has commenced treatment after testing positive for COVID-19.

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Governor Samuel Ortom of Benue State has tested positive for COVID-19.

This was disclosed by his Chief Press Secretary, Terver Akase, in a statement issued on Wednesday.

He stated, “This follows the test results of most of the Governor’s close aides who also returned positive in the last few weeks.

“Though the Governor has not shown any symptoms of the disease, he has already commenced treatment as prescribed by medical personnel.”

According to him, the governor has advised those who have come in contact with him in the last couple of days to go for a test.

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“The Governor says it is equally important that those who came in contact with other persons who have tested positive for the virus should go for a test to ascertain their COVID-19 status.

“Governor Ortom urged Benue people to continue to observe the protocols for the prevention of the virus such as wearing of face masks, use of sanitisers, regular hand washing and physical distancing,” he added.

What you should know

Some of the governor’s aides which included his personal physician, aide de camp, orderly, permanent secretaries among others had recently tested positive for the virus.

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