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Naspers unit Prosus to sell Tencent stake worth R218-billion

Published: 2021-04-07 09:52 +02:00 by Agency Staff tag: investment

JSE:PRX JSE:NPN

Naspers spin-off, technology investment company Prosus, plans to sell a 2% stake in China’s Tencent, worth about R218-billion at current prices, in an accelerated offering to institutional investors.




Naspers spin-off, technology investment company Prosus, plans to sell a 2% stake in China’s Tencent, worth about R218-billion at current prices, in an accelerated offering to institutional investors.
Prosus, majority owned by Naspers, said the sale would lower its stake in Tencent to 28.9% from 30.9%. The move underlines the size of Prosus’s Tencent stake, which it said it had committed not reduce further in the next three years.
“The proceeds of the sale will increase our financial flexibility, enabling us to invest in the significant growth potential we see across the group, as well as in our own stock,” CEO Bob van Dijk said in a statement.
Prosus shares fell 4% to €94.52 shortly after the news.
The company said it had informed Tencent of its intention before Wednesday’s announcement.
In addition to its Tencent stake, Prosus owns or invests in online food delivery platforms, classified marketplaces and digital payments businesses.  — Reported by Toby Sterling, (c) 2021 Reuters
 





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Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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