Big changes at one of the JSE’s biggest companies

Prosus President and Chief Investment Officer Ervin Tu will step down from his current role, according to a statement on the company’s website.

Tu, who joined in August 2021, will maintain a relationship with the group as an adviser. He served as acting chief executive officer before the appointment of Fabricio Bloisi in the role last year. 

The Amsterdam-based technology investor is majority-owned by South Africa’s Naspers.

Prosus currently has an ambitious target to double its value within the next three years under new CEO Bloisi.

The company expects trading profit of more than $435 million (R7.97 billion) at its eCommerce division, exceeding an earlier target for the 2025 financial year, according to Bloisi.

Boosting eCommerce profit is a key part of the plan to double the company’s value by June 2028.

Prosus also expects “at least the same level of incremental” adjusted earnings before interest and taxes to be achieved in its 2026 financial year, Bloisi said in a shareholder letter published on Thursday.

Prosus, the top shareholder of Tencent Holdings, has been slowly selling down its stake in the Chinese tech giant and repurchasing its own shares, returning $35 billion across the group, the company said in the letter.