Prosus nets $14.6 billion from sale of Tencent stake

By Reuters3 days ago

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Reuters. FILE PHOTO: FILE PHOTO: A Tencent logo is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

By Toby Sterling and Scott Murdoch

AMSTERDAM (Reuters) -Amsterdam-based technology investor Prosus (OTC:PROSF) NV on Thursday said it netted $14.6 billion from its overnight sale of a 2% stake in Chinese gaming and social media giant Tencent in one of the world's largest ever block trades.

“Our belief in Tencent and its management team is steadfast, but we also need to fund continued growth in our core business lines and emerging sectors,“ Prosus Chairman Koos Bekker said in a statement after the completion of the deal on Thursday.

In a Hong Kong Stock Exchange filing, Tencent said Prosus sold 191.89 million shares for HK$595.00, reducing its stake to 28.9%.

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