The High Court has sanctioned the scheme of arrangement that will see Naspers simplify its structure by, among other things, delisting MIH Holdings (MIHH) from the JSE this week.
Naspers`s plans are to make subsidiaries MIHH and MIH Limited wholly owned subsidiaries and have a secondary Nasdaq listing on Naspers American Depositary Shares.
MIH minorities are to receive one Naspers share for every 2.25 MIHH shares they own.
Naspers says the move will significantly simplify its corporate structure and operation.
Shareholders wishing to invest in MIHH and MIHL, which are to be merged into one entity, will be able to hold shares in Naspers.
"The various boards of directors believe that this simplified corporate structure will enable investors to assess Naspers and MIHL more clearly, through a streamlining of the group structure and elimination of the multiple entry points to the various listed pyramid companies," Naspers says.
The order of the court sanctioning the scheme of arrangement between the group and its shareholders is to be lodged with the Registrar of Companies today. All other conditions precedent have been met.
MIHH`s JSE listing will be suspended from the start of business on Friday and will be terminated at the start of business on 24 December.
The group says the merger between MIHL and MIHH is expected to become effective on 20 December. MIHL expects to delist its class A ordinary shares from Nasdaq the same day.
Naspers says it expects to list its American Depositary Shares, each representing 10 class N ordinary shares, on Nasdaq on 23 December.
The Naspers share was trading at R25.10 on the JSE this morning, up 2c from yesterday`s close. MIHH was 5c or 0.46% down at R10.90.
Related stories:
Naspers claws its way back
Share
