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3/22/2018, 12:16 PM (Source: TeleTrader)
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Naspers to sell $10.6B stake in Tencent

A bookbuilding process will be launched by South Africa's Naspers Ltd., which said on Thursday that it intends to reduce its ownership in Tencent Holdings Ltd. by selling 190 million shares. The stake would be cut to 31.2% from 33.2%, according to the online communications and media powerhouse. The market value of the shares is HK$83.5 billion ($10.6 billion) as of the last close, when Tencent finished 5.02% in the red after a downbeat earnings report.

The proceedings will be used to prop up the balance sheet and spending "over time" on "classifieds, online food delivery and fintech businesses globally, and to pursue other" growth opportunities, the press release said. The remaining holding in China's tech giant will be kept for at least three more years, Africa's biggest company claimed.

Baha Breaking News (BBN) / IT