Naspers Sees $5.2 Billion E-Commerce Boost for South Africa [BNN Bloomberg (Canada)]
NASPERS LTD S/ADR (NPSNY)
NASDAQ:AMEX Investor Relations:
naspers.com/news/publication-of-prospectus-and-expected-admission-o
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Source: BNN Bloomberg
That would see the sector contribute 1.38% to gross domestic product in just over a decade, research done by Naspers and the Mapungubwe Institute for Strategic Reflection shows. Naspers owns Takealot, South Africa's top online retailer, and has been expanding its services to include one-hour delivery for items ranging from phone chargers to toys. That will help it better compete with Amazon.com Inc., which entered the local marketplace in May. Naspers, the controlling shareholder of internet investing giant Prosus NV, aims to turn its e-commerce business into a cash cow under its new Chief Executive Officer Fabricio Bloisi, who built-out food-delivery business iFood. The division reported its first full-year trading profit of $38 million for the year ended March 31 as it managed to scale its business after years of investment. The 90 billion rand plus economic injection can be achieved “even earlier, if we are able to increase the country's current growth rates to about 3%,” Mi
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