Naspers and Prosus have now banked R120bn from Tencent equity sale
The money will be used to fund an ongoing buyback of its own shares
04 January 2023 - 15:41
SA’s largest listed company has raised more than R120bn so far by selling down its stake in Chinese internet giant Tencent. The Naspers-Prosus stable is using the money to fund an ongoing buyback of its own shares.
Rumours have for some time driven speculation that Naspers is looking to get rid of its stake in Tencent as a number of other international investors have begun to exit their investments on the Chinese mainland. In addition, Tencent has been hammered by the Chinese government’s crackdown on the tech sector over the past few years...
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