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.