| Mon 10 Nov 2008, 14:00 | | NPN - Naspers - Further Announcement Disposal Of Internet Service Provider |
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NPN
NPN
NPN - Naspers - Further Announcement Disposal Of Internet Service Provider
Business (MWEB)
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
Share Code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US 6315121003
("Naspers" or "the company")
FURTHER ANNOUNCEMENT DISPOSAL OF INTERNET SERVICE PROVIDER BUSINESS (MWEB)
1. Introduction
In an announcement published on 2 June 2008 Naspers stated that it had
initiated a formal process to dispose of its internet service provider
(ISP) business MWEB. Shareholders are now advised that an agreement has
been concluded for the sale of MWEB`s sub-Saharan Africa business
excluding South Africa ("MWEB Africa") to Telkom International
(Proprietary) Limited ("the transaction"). This is a wholly owned
subsidiary of Telkom SA Limited, a leading African telecommunications
company. The purchase price for the MWEB Africa group including AFSAT
is equivalent to an equity value of US$63 million (approximately R610
million).
2. Conditions
The transaction is subject to the fulfillment of conditions precedent,
including regulatory consents being obtained in certain African
jurisdictions. The transaction is expected to close by 30 April 2009.
3. Disposal of MWEB South Africa
Given economic conditions globally and the contraction in credit
markets, shareholders are also advised that Naspers has terminated the
auction process for the disposal of MWEB South Africa.
10 November 2008
Cape Town
Sponsor: Investec Bank Limited
Contact details:
Mark Sorour
Group Chief Investment Officer
Naspers
+27 21 406 3008
+27 83 2 500 000
msorour@naspers.com
Steve Pacak
Group Chief Financial Officer
Naspers
+27 21 406 3585
+27 83 2 500 006
spacak@naspers.com
Important Information:
This announcement contains forward-looking statements as defined in the
United States Private Securities Litigation Reform Act of 1995. Words such
as "believe", "anticipate", "seek", "will", "plan", "could", "may",
"endeavour" and similar expressions are intended to identify such forward-
looking statements, but are not the exclusive means of identifying such
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 expectations. These include key factors that could
adversely affect our businesses and financial performance. We are not under
any obligation to (and expressly disclaim any such obligation to) update or
alter our forward-looking statements whether as a result of new information,
future events or otherwise. Investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.
About Naspers:
Naspers is a multinational media company with principal operations in
electronic media (including pay-television, internet and instant-messaging
subscriber platforms and the provision of related technologies) and print
media (including the publishing, distribution and printing of magazines,
newspapers and books).The group creates media content, builds brand names
around it, and manages the platforms distributing the content. Naspers`s
most significant operations are located in South Africa, where it generates
most of its revenues, with other operations located elsewhere in sub-Saharan
Africa, China, Russia, central and eastern Europe, the Netherlands, Brazil,
the United States and Thailand.
Date: 10/11/2008 14:00:01 Produced by the JSE SENS Department.
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