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Naspers, Prosus to sell Tencent shares to fund buybacks

The two companies said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent to fund a share purchase program.

June 27, 2022 / 12:25 PM IST

Chinese software giant Tencent Holdings said on Monday it noted an announcement from two of its shareholders, South Africa’s Naspers Ltd and Prosus, that they would start a long-term, open-ended share repurchase programme.


The two companies said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent 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.

The programme would be funded by on-market sales of Tencent’s shares held by the two companies, Tencent said.

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Reuters
first published: Jun 27, 2022 12:24 pm
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