Prosus, Naspers to gradually sell Tencent shares to fund share repurchases

1 minute read
Register now for FREE unlimited access to Reuters.com

AMSTERDAM, June 27 (Reuters) - Dutch technology investment company Prosus(PRX.AS) and its controlling shareholder Naspers (NPNJn.J) of South Africa said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent (0700.HK) to fund a share purchase program.

Prosus holds a 28.9% take in Tencent worth more than $100 billion. The companies indicated they might sell Tencent shares amounting to 3-5% of Tencent's daily average trading volume.

Prosus and Naspers are set to announce full year earnings later on Monday.

Register now for FREE unlimited access to Reuters.com
Reporting by Toby Sterling; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.