Prosus trims Tencent holding
April 27, 2023
By Chris Forrester
Cape Town-based multinational Naspers, and its Dutch investment division Prosus, have sold 789,000 shares in China-based Tencent Holdings. Prosus, in a regulatory filing, said it now holds 25.99 per cent of Tencent.
Prosus had signalled its intention as far back as mid-year 2022 as part of its plan to fund its own buy-back of shares for cancellation.
According to reports Prosus had lodged 1 per cent of Tencent’s shares, about 96 million shares, in the Hong Kong stock exchange, prior to this actual disposal.
Prosus is obliged to declare its share moves in Tencent every time its holding decreases by a full percentage point.
However, this latest move is another downward shift in the Naspers/Prosus investment in Tencent. Back in 2001 it held a 45 per cent stake.
Prosus share price on the Amsterdam Euronext exchange fell 1.1 per cent on the day.