Disposal of NetMed N.V.

15 Apr 2008 08:00

Naspers Limited15 April 2008 Naspers Limited(Incorporated in the Republic of South Africa)(Registration number 1925/001431/06)JSE share code: NPN ISIN: ZAE000015889LSE ADS code: NPSN ISIN: US 6315121003("Naspers" or "the company") Disposal of NetMed N.V. and cautionary announcement 1. Introduction On 31 October 2007 Naspers advised that, following a review of its strategicinvestment priorities, it had initiated a formal process to explore the saleof its Greek and Cypriot pay-TV operations ("NetMed"). Myriad International Holdings B.V., an indirect wholly owned subsidiary ofNaspers, has now entered into conditional sale agreements (the "agreements")for the disposal of NetMed to Forthnet SA ("Forthnet"), a leading Greektelecommunication company. The agreements place an enterprise value on NetMedof EUR490 million (US$760 million). 2. Transaction conditions and cautionary The completion of the transaction is subject to a number of conditions,including the approval by Forthnet's shareholders of a rights issue to partlyfund the acquisition of NetMed. In addition, Forthnet will be required toraise debt funding. The transaction is subject to the risks typical of suchcapital raising. Once the majority of the conditions are met and the financial effects of thetransaction can be determined, the appropriate announcement will be made byNaspers. It is anticipated that this transaction will be a category 2transaction in terms of the JSE Limited Listings Requirements. Shareholders are therefore advised that the company has entered intoagreements, which may have a material effect on the price of the company'ssecurities. Accordingly, shareholders are advised to exercise caution whendealing in the company's securities until a further announcement is made. Cape Town15 April 2008 SponsorInvestec Bank Limited(Registration number 1969/004763/06) This information is provided by RNS The company news service from the London Stock Exchange