Home » South African billionaire Koos Bekker loses $345.5 million in 110 days from stake in Prosus

South African billionaire Koos Bekker loses $345.5 million in 110 days from stake in Prosus

by Yusuf Abdulfatai
Koos Bekker

South African billionaire Jacobus “Koos” Bekker’s stake in global consumer Internet group Prosus N.V. has fallen in value by $345.5 million in the past 110 days as investors continue to sell down stakes in the leading group.

Bekker, a leading businessman who helped Naspers, a South African newspaper publisher, transform into a leading cable TV operator and e-commerce investor, derives a portion of his $2-billion fortune from his 0.84-percent stake in Prosus N.V.

Prosus’ share price has dropped by 42.5 percent since July 7, exactly 110 days ago, decreasing from €71.57 ($70.58) to €41.14 ($40.56) at the time of writing this report.

As a result of the recent price crash, the market value of Bekker’s stake has fallen from €824.04 million ($812.6 million) on July 7 to €473.66 million ($467.1 million) at the time of writing this report.

The drop in the market value of his stake comes as investors sold off additional stakes in the internet group in an effort to preserve their wealth while reducing their exposure to risky tech stocks that could be significantly impacted by Chinese regulatory disruptions.

After a convincing surge in its share price in July above levels not seen since the beginning of the year, Prosus N.V. is back trading at all-time lows on the Amsterdam Stock Exchange in the Netherlands at the time of writing this report.

The recent drop in its share price is the result of investor jitters in response to the election in China, where it has a significant stake, with analysts weighing the possibility of the country shifting away from free markets as China’s President Xi Jinping was re-elected for a third term.

Prosus announced in June the sale of its entire stake in JD.com Inc., China’s largest online retailer, for approximately $3.67 billion as part of its move to reduce its investment in China, which continues to impact its earnings and valuation on the Amsterdam Stock Exchange.

The move is consistent with the group’s plan to sell a large investment in Asia-Pacific, including a 28.8-percent stake in Chinese software giant Tencent, to fund its share-purchase program.

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