Naspers will, for the first time, sell down its stake in Tencent, the crown jewel of its portfolio, in a move analysts said could signal a new investment. The group said on Thursday it would sell up to 190-million Tencent shares to institutional investors, thereby reducing its interest from 33.2% to 31.2%. That 2% stake was worth about $10.6bn (R125bn) on Thursday, close to the market capitalisation of Nedbank.  Overnight, however, Naspers sold the stock at a discount, ultimately raising HK$77bn or about R116bn. Naspers’s investment in the Chinese internet giant, which was made in 2001, is often hailed as one of the world’s most successful technology bets. It paid just $31m for its initial 47% stake — its holding was later diluted. But the Cape Town-based group has been under pressure in recent months to find ways to narrow its hefty discount to Tencent, with some analysts calling for a complete unbundling of the asset to shareholders. The news that Naspers would sell down its stake...

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