Naspers, Prosus to sell Tencent shares to fund buybacks

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.

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