logo

Financial

This South African media giant plans to invest $315 million in technology expansion

PUBLISHED: Fri, 26 Oct 2018 14:19:00 GMT

JOHANNESBURG (Reuters) – South African media and e-commerce giant Naspers said on Friday it would invest 4.6 billion rand ($315 million) over the next three years in its technology businesses and to fund technology start-ups.

Naspers said in a statement ahead of an investment summit called by President Cyril Ramaphosa it would allocate 3.2 billion rand to developing its existing technology businesses including the OLX Group, Takealot, and Mr D Food. Naspers said 1.4 billion rand would be used to fund technology start-ups.

($1 = 14.5850 rand)

Reporting by Tanisha Heiberg; Editing by James Macharia


Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.