Naspers Ltd. is rewriting the ‘BRIC’ acronym to include Nigeria and Turkey among the world’s best emerging markets as China and Russia lose some luster with Africa’s most valuable company.

“India features high both in our development spend and our M&A spend, as well as Nigeria, South Africa, Brazil and Turkey,” the media company’s Chief Executive Officer Bob van Dijk said in an interview on Tuesday.

Those are markets that are very rapidly growing, particularly the online Internet population and we believe that provides opportunity.”  Naspers boosted development spending by about 33 percent to 10.7 billion rand ($870 billion) as it continues expanding its TV and online retail businesses in the year through March, Van Dijk said.Adjusted net income rose by 30 percent to 11.2 billion rand on growth from Tencent Holdings Ltd. and online retail, according to its full-year results on Monday.


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