CORPORATE FORTUNES

Prosus To Sell 2% Tencent Stake Worth US$15 Bln

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Dutch-based technology investment company Prosus NV plans to sell a 2 per cent stake in software giant Tencent, worth about US$15 billion at current prices, in an accelerated offering to institutional investors.

Prosus, majority owned by Naspers of South Africa, said the sale would lower its stake in Tencent to 28.9 per cent from 30.9 per cent.

The move underlines the size of Prosus’s Tencent stake, which it said it had committed not reduce further in the next three years.

“The proceeds of the sale will increase our financial flexibility, enabling us to invest in the significant growth potential we see across the group, as well as in our own stock,” CEO Bob van Dijk said in a statement.

Prosus shares fell 4 per cent to 94.52 euros shortly after the news.

The company said it had informed Tencent of its intention before Wednesday’s announcement.

In addition to its Tencent stake, Prosus owns or invests in online food delivery platforms, classified marketplaces and digital payments businesses.

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