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Prosus went back on its word not to sell more of Tencent’s stock for three years, saying on Monday it needs the money to fund a share buyback programme, sending its shares skyrocketing as much as 25%.

The open-ended, long-term programme, the size of which was not disclosed, is the latest attempt by Prosus, alongside parent Naspers, to crush a stubbornly wide gap between their market capitalisation and the value of their underlying assets...

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