Home » South African billionaire Koos Bekker gains $175 million in one month

South African billionaire Koos Bekker gains $175 million in one month

by Omokolade Ajayi
Koos Bekker

South African billionaire Jacobus “Koos” Bekker has seen the market value of his equity interest in Amsterdam-based investment group Prosus NV increase by millions of dollars in the past 31 days after losing more than $340 million between July and October.

According to data retrieved from the Euronext stock exchange in Amsterdam, the market value of Bekker’s stake in Prosus NV has increased by $175.6 million in the last 31 days, as shares in the company rebound strongly after losing more than a quarter of their value in October.

Prosus’ shares were worth €58.17 ($60.28) per share as of press time on Nov. 26 – 99 basis points lower than their opening price on the Euronext stock exchange on Fri., Nov. 25.

Shares in the investment group have increased by 33.7 percent since Oct. 26, from €43.5 ($45.22) per share to €58.17 ($60.28) per share at the time of writing this report, thanks to a sharp rebound in European stocks as investors renewed their buying interests after selling stakes in companies with significant downside risk.

Due to the recent increase in the share price of Prosus on the Euronext stock exchange, Bekker, who owns a 0.86-percent stake in the company, has seen the market value of his stake increase by €168.9 million ($175.6 million) in the past 31 days, from €500.85 million ($520.7 million) on Oct. 26 to €669.8 million ($696.3 million).

The recent recovery in Prosus shares coincides with the company’s announcement that it would begin a cost-cutting drive as it aims to break even in its core businesses within two years as tech companies around the world implement strategies to reduce costs, which may include staff layoffs.

Prosus, a division of the Bekker-led Naspers organization with operations in South Africa, has investments in a variety of online ventures, including classifieds, food delivery, payments, and educational software.

In October, the group agreed to sell its Russian online marketplace Avito to Moscow-based private equity firm Kismet Capital Group for $2.46 billion.

The decision to sell the Russian online marketplace was made as a result of the economic sanctions imposed on Russia due to its invasion of Ukraine, which reduced the value of businesses with active operations there, including Avito. Recent decline in valuation from over $6 billion to less than $2 billion.

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