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Naspers Chairman Defends $132-Billion Stake in Tencent

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Chairman Koos Bekker countered criticism Naspers Ltd. relies too heavily on its $132 billion stake in Chinese media company Tencent Holdings Ltd. by reminding investors that they would have been a lot poorer if he’d given in to similar pressure to sell the holding years ago. “Five years ago there was also a lot of unhappiness,” Bekker told shareholders at the annual meeting in Cape Town on Friday. “If we had sold then, you would have gotten 45 Hong Kong dollars, now you get 325...

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