Sappi, the world’s largest manufacturer of dissolving wood pulp, has fallen out of the JSE’s top 40 index due to the listing of Prosus, the new Internet subsidiary of market heavyweight Naspers.
Naspers said on Monday 96.3% of its N ordinary shareholders chose to receive shares in Prosus, which had its stock market debut in Amsterdam last Wednesday, valuing it at about R1.9-trillion and handing Europe its biggest consumer internet company.
Prosus has a secondary listing on the JSE, while Sappi’s R25.1bn market capitalisation means it will slip from the index that is widely used by tracker funds.
Pick n Pay, with a market capitalisation of R31bn, will on Monday fall out of the JSE’s Industrial 25 index. Tiger Brands, with a market capitalisation of R42.5bn, will fall out of the JSE’s financial and industrial 30 index.
Sappi’s share price was down 2.53% to R45.91 on the news, while Tiger Brands had fallen 1.91% to R224.39.
Prosus had fallen 2.28% to R1,147.59 and Naspers 1.91% to R2,496.32.