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4/8/2021, 10:22 AM (Source: TeleTrader)
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Prosus sale of Tencent shares yields $14.6 billion

Amsterdam-based technology investor Prosus NV PRX.AS has completed its accelerated offering of 191,890,000 shares in Chinese gaming and social media giant Tencent Holdings Limited, yielding $14.6 billion, according to the official announcement released on Thursday.

Prosus Chairman Koos Bekker said in a statement that he has faith in Tencent and its management team. "But we also need to fund continued growth in our core business lines and emerging sectors," he added.

According to the announcement, the sale of Tencent shares reduced Prosus' stake in the Chinese company from approximately 30.9% to 28.9%. Prosus intends to use the proceeds to increase its financial flexibility and for other general corporate purposes. The company is also committed not to sell any further Tencent shares for a period of at least three years.

Baha Breaking News (BBN) / IV