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Naspers, Ctrip exchange shares to invest in MakeMyTrip

Apr. 26, 2019 1:55 PM ETBy: Jason Aycock, SA News Editor
  • A share exchange between China's Ctrip.com (CTRP +1.5%) and South Africa's Naspers (NPSNY +1.3%) has spurred a big move in India-based travel site MakeMyTrip (MMYT +7.6%) today.
  • Naspers will exchange its stake in MakeMyTrip for newly issued shares of Ctrip; concurrently, Ctrip will invest certain ordinary shares and class B shares of MakeMyTrip in a third-party investment entity.
  • That will leave Naspers with about a 5.6% stake in Ctrip, and the third-party investment entity will hold ordinary shares and class B shares making up 49% and 4% of MakeMyTrip voting power respectively.
  • "We have worked with Ctrip in the past years and are excited to take this partnership to the next level," says MakeMyTrip's Rajesh Magow. "We will leverage this investment to benefit from the tremendous growth potential in travel and tourism between our two countries."

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