CORRECTED - UPDATE 2-Naspers buys 30 pct of Russia internet firm DST

(Corrects ninth paragraph to show Tencent has 10 percent in DST and not DST with 10 percent in Tencent.)

* Naspers to pay $388 mln, hand over its stake in Mail.ru

* Russia's DST to own all of Mail.ru after the deal

* Says Africa is "top priority" for internet expansion

* Looking to expand Brazil's internet unit

(Adds shares, Naspers Internet head comments)

By Tiisetso Motsoeneng

JOHANNESBURG, July 14 (Reuters) - African media group Naspers (NPNJn.J) said it would take 29 percent of Russia's Digital Sky Technologies (DST) in a cash and share deal worth at least $388 million, boosting its focus on the internet in emerging markets.

Unlike many global media companies, which have been battered by the drop in traditional advertising revenue, Naspers has been able to book consistent growth, due to an emphasis on e-commerce in countries where internet use is growing fast.

Naspers sees Africa as the top priority and is also looking to grow its internet business in Brazil, Antonie Roux, Naspers head of internet operations, told Reuters on Wednesday.

Cape Town-based Naspers, which operates pay television channels in Africa and has stakes in internet firms across Europe and Asia, said it would hand over its 39 percent stake in Russian Internet unit, Mail.ru, to social networking firm DST and pay an additional $388 million for the shares.

Naspers declined to say how much the stake in Mail.ru was worth.

Under the deal, DST, which co-owned Mail.ru with Naspers over the last three years, will become the sole owner of the communication and internet portal.

Unlisted DST runs instant messaging platforms and social network sites in Russia and Eastern Europe. The company estimates its companies account for 70 percent of internet page views in Russian.

DST holds stakes in a wide portfolio of Internet companies, including Facebook and Zygna, which produces the popular "FarmVille" and "Mafia Wars" games on Facebook.

DST is 10 percent owned by Tencent (0700.HK), China's top internet company, in which Naspers owns 30 percent.

NEXT STOP, AFRICA

Naspers's Roux said the company would focus next on expanding its internet business across Africa, where it already has a strong pay-TV presence.

"We're starting to see encouraging numbers in terms of broadband rollout (in Africa), which we believe will lead to good opportunities roll out e-commerce (businesses) for example."

Africa's broadband growth has been hamstrung by costly international bandwidth and patchy national infrastructure, impeding development and deterring investors.

But the recently launched undersea cables that link some African countries with the rest of the world have slashed the costs and spurred faster Internet speeds.

There are around 10 undersea cables either under construction or in the planning stages around the African continent.

He said Brazil was another expansion target. The company is considering expanding BuscaPe, the comparison-shopping site it bought last year, he said.

"Brazil is immensely attractive country and economy, we're very happy with our investment there and we would like to expand on that," Roux said.

Shares in Naspers gained 0.90 percent to 285.55 rand, in line with Johannesburg's Top-40 index .JTOPI of blue chips. (Editing by David Dolan; editing by Karen Foster)