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