October 26, 2018 / 7:19 AM / a year ago

South Africa's Naspers to invest $ 315 million in technology expansion

A satellite dish connecting residents to South Africa's DSTV television network, owned by telecommunications giant Naspers, adorns a shack in Khayelitsha township, Cape Town, May 25, 2017. REUTERS/Mike Hutchings

JOHANNESBURG (Reuters) - South African media and e-commerce giant Naspers said on Friday it would invest 4.6 billion rand ($315 million) over the next three years in its technology businesses and to fund technology start-ups.

Naspers said in a statement ahead of an investment summit called by President Cyril Ramaphosa it would allocate 3.2 billion rand to developing its existing technology businesses including the OLX Group, Takealot, and Mr D Food. Naspers said 1.4 billion rand would be used to fund technology start-ups.

($1 = 14.5850 rand)

Reporting by Tanisha Heiberg; Editing by James Macharia

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