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S.Africa's Naspers has $1.6 bln to partially spend on M&A: CEO

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[June 23, 2014] JOHANNESBURG (Reuters) - South Africa's Naspers has $1.6 billion in cash offshore that it can spend partially on acquisitions and for development of existing businesses, its chief executive said on Monday.

"It depends on opportunities that we get and we like and that would be looking into a future that nobody knows," chief executive Bob van Dijk told Reuters.

The Internet and media company spent 7.7 billion rand ($719 million) on development in the year ended March, a 79 percent jump from the previous year.($1 = 10.7127 South African Rand)

(Reporting by Helen Nyambura-Mwaura; Editing by Ed Stoddard)

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