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Prosus nets $14.6 billion from sale of Tencent stake By Reuters 

© Reuters. FILE PHOTO: FILE PHOTO: A Tencent emblem is seen at its sales space on the 2020 China Worldwide Truthful for Commerce in Companies (CIFTIS) in Beijing

By Toby Sterling and Scott Murdoch

AMSTERDAM (Reuters) – Amsterdam-based know-how investor Prosus (OTC:) NV has netted $14.6 billion from the sale of a 2% stake in Tencent Holdings (OTC:) Ltd, the Chinese language gaming and social media large stated, in one of many world’s largest ever block trades.

“Our perception in Tencent and its administration crew is steadfast, however we additionally have to fund continued development in our core enterprise traces and rising sectors,” Prosus Chairman Koos Bekker stated in a press release after the completion of the deal on Thursday.

In a Hong Kong Inventory Alternate submitting, Tencent stated Prosus bought 191.89 million shares for HK$114.1 billion, lowering its stake to twenty-eight.9%.

That works out at HK$595 ($76.44) per share, on the prime of an indicative vary of HK$575 to $HK595 set out when Prosus introduced its intention to promote the stake in an accelerated providing on Wednesday afternoon.

The value was a 5.5% low cost to Tencent’s Wednesday shut of $HK629.50. Tencent inventory, which is up 10% up to now this yr, opened down 2.5% in Hong Kong on Thursday following the information.

The block commerce – a commerce of numerous securities – was the most important of Tencent inventory since 2018 when Naspers bought 2% of the group for $9.8 billion, Refinitiv knowledge confirmed.

Prosus additionally invests in on-line meals supply platforms, categorised marketplaces and digital funds companies.

For the half-year ended Sept. 30, it reported a 29% enhance in core earnings to $2.2 billion, as proceeds from its Tencent stake offset losses at different on-line pursuits.

Citigroup Inc (NYSE:), Morgan Stanley (NYSE:) and Goldman Sachs Group Inc (NYSE:) have been joint international coordinators for the sale.

($1 = 0.8425 euros)

($1 = 7.7849 Hong Kong {dollars})

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