Prosus nets $14.6 billion from sale of Tencent stake – Reuters

SourceReuters
SectorFinancial Markets
CountryMiddle east

AMSTERDAM (Reuters) -Amsterdam-based technology investor Prosus NV on Thursday said it netted $14.6 billion from its overnight sale of a 2% stake in Chinese gaming and social media giant Tencent in one of the world’s largest ever block trades.FILE PHOTO: A Tencent logo is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang“Our belief in Tencent and its management team is steadfast, but we also need to fund continued growth in our core business lines and emerging sectors,” Prosus Chairman Koos Bekker said in a statement after the completion of the deal on Thursday.In a Hong Kong Stock Exchange filing, Tencent said Prosus sold 191.89 million shares for HK$595.00, reducing its stake to 28.9%.The price was a 5.5% discount to Tencent’s Wednesday close of $HK629.50. Tencent stock, which is up 10% this year, traded 2.5% lower in Hong Kong on Thursday.A statement from Tencent Chairman Pony Ma said he viewed Prosus, which was spun off from Naspers of South Africa in a 2019 IPO, as a “commited strategic partner over a great many years”.“Tencent respects and understands the (stake sale) decision”, he said.Naspers bought the Tencent ...read more...