{"id":9356,"date":"2022-06-27T12:52:12","date_gmt":"2022-06-27T12:52:12","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks"},"modified":"2022-06-27T13:32:52","modified_gmt":"2022-06-27T13:32:52","slug":"tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks","title":{"rendered":"Tencent stock falls as Prosus\/Naspers to sell shares to fund buybacks"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Dutch technology investor Prosus NV PRX.AS, PRXJn.J on Monday announced it will gradually sell down its massive stake in Tencent 0700.HK, reversing a pledge to retain the holding for a couple of years and knocking shares in the Chinese tech giant.<\/b><\/p>\n

Prosus will use proceeds to repurchase shares, a move aimed at closing a gap between the market value of Prosus and parent Naspers and the market value of the 28.9% stake in Tencent they own, which is currently worth about $136 billion.<\/p>\n

Prosus itself is currently worth less at some 109.8 billion euros ($116.2 billion).<\/p>\n

\u201cThis will efficiently unlock immediate value for shareholders because we\u2019re selling (Tencent) shares at full value and we\u2019re buying back our stock at a considerable discount,\u201d CFO Basil Sgourdos said.<\/p>\n

Prosus shares, which are down 27% in the year to date, jumped 10% on the news to 58.36 euros in Amsterdam as of 0750 GMT.<\/p>\n

Shares in Naspers in Johannesburg were up 13% while shares in Tencent were down 1.5% in Hong Kong. Read full story<\/p>\n

The share sale plan came as a surprise as Prosus had agreed not sell further Tencent shares after selling a 2% stake worth $15 billion in 2021.<\/p>\n

Asked about whether violating the lock-up pledge was a problem, Sgourdos said no.<\/p>\n

\u201cIt\u2019s something we had to consider in arriving at this decision. (But) we think that this is the right thing for our shareholders. And, you know, we have Tencent support in this decision.\u201d<\/p>\n

Tencent said it expects the impact of the share sale to be \u201climited\u201d.<\/p>\n

\u201cWe support our long-term shareholders on their initiative to increase their net asset value per share through a share repurchase program,\u201d it said.<\/p>\n

Prosus and Naspers shares have fallen sharply over the past year amid a government crackdown on Chinese tech companies.<\/p>\n

But Sgourdos said the company is still committed to China.<\/p>\n

\u201cWe still have a very strong belief in Tencent and the Chinese economy and its ability to grow,\u201d he said.<\/p>\n

Investors say the complicated cross-holding structure between Prosus and Naspers has also been a factor in depressing their share price.<\/p>\n

In addition to Tencent, Prosus houses all of Naspers\u2019 overseas investments in online classifieds, food delivery, fintech and education software.<\/p>\n

Both the companies reported a fall in trading profit for the full year ending March 31, as their portfolio of investments boosted sales while losses increased. Read full story<\/p>\n

Revenue and profit earned from Tencent dwarf the contributions from Prosus\/Naspers\u2019 other businesses.<\/p>\n

The current discount of Prosus to the value of assets it owns is 54% and Naspers is 65%, according to company-provided figures based on analyst reports and market valuations of their stakes in listed companies.<\/p>\n

($1 = 0.9446 euros)<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Dutch technology investor Prosus NV PRX.AS, PRXJn.J on Monday announced it will gradually sell down its massive stake in Tencent 0700.HK, reversing a pledge to retain the holding for a couple of years and knocking shares in the Chinese tech giant. Prosus will use proceeds to repurchase shares, a move aimed at […]<\/p>\n","protected":false},"author":84,"featured_media":9355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,237,234],"class_list":["post-9356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nTencent stock falls as Prosus\/Naspers to sell shares to fund buybacks - Botswana<\/title>\n<meta name=\"description\" content=\"Dutch technology investor Prosus NV PRX.AS, PRXJn.J on Monday announced it will gradually sell down its massive stake ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tencent stock falls as Prosus\/Naspers to sell shares to fund buybacks\" \/>\n<meta property=\"og:description\" content=\"Dutch technology investor Prosus NV PRX.AS, PRXJn.J on Monday announced it will gradually sell down its massive stake ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T12:52:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-27T13:32:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/postQueueImg_17-62b9b16f85e35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1030\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tencent stock falls as Prosus\/Naspers to sell shares to fund buybacks\",\"datePublished\":\"2022-06-27T12:52:12+00:00\",\"dateModified\":\"2022-06-27T13:32:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\"},\"wordCount\":462,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/postQueueImg_17-62b9b16f85e35.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/tencent-stock-falls-as-prosus-naspers-to-sell-shares-to-fund-buybacks\",\"name\":\"Tencent stock falls as Prosus\/Naspers to sell shares to fund buybacks - 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