Naspers Limited (JSE: NPN, NASDAQ: NPSN) announces approval for listing Tencent
on Hong Kong Stock Exchange, trading statement and cautionary announcement
On 5 December 2003 Naspers announced that Tencent Holdings Limited ("Tencent"), the real- time communications joint venture in China in which it holds an interest, was investigating the feasibility of an initial public offering ("IPO"). Shareholders are advised that Tencent made an announcement today, noting that application had been made to the Listing Committee of the Hong Kong Stock Exchange ("Exchange"), and that approval in principle was granted for the primary listing of its ordinary shares on the Exchange.
Of the ordinary shares to be offered by Tencent, 10% will be initially available for subscription by the public in Hong Kong and the balance will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended, or other exemption thereunder, as well as in other jurisdictions outside the United States. Dealings in the Tencent ordinary shares are expected to commence on 16 June 2004.
In a trading update on 20 February 2004, shareholders were informed that the earnings of Naspers for the financial year ending 31 March 2004 will be substantially higher than the previous year. Shareholders are further advised that the application of certain accounting standards will provide a further boost to headline earnings. Accordingly, shareholders are advised to continue to exercise caution in trading in the company's shares until the release of the financial results, which are expected to be reported in the last week of June 2004.
CAPE TOWN
7 June 2004
For further information contact:
Mark Sorour (+27-21 4063008) or Beverley Branford (+27-21 4064824)
Further information on Naspers is available on the Naspers
website at
http://www.naspers.com
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IMPORTANT INFORMATION
The securities to be offered by Tencent have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent
an exemption from the applicable registration requirements in the United States.
Restrictions on offers and sales in other jurisdictions may also apply.
This press release contains forward-looking statements. While these forward-looking statements represent our judgements and future expectations, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ materially from our
