Prosus’s Stake in Tencent Falls Below 26% as Selloff Continues
Prosus NV continued its selloff of Tencent Holdings Ltd., bringing its stake in the Chinese internet giant to under 26%.
Prosus deposited an additional 96 million Tencent shares, or about 1% of the company, in Hong Kong’s clearing and settlement system this month, typically a precursor to offload stock. The Dutch firm has a regulatory requirement to disclose its interest in the Chinese company every time it decreases by a full percentage point.
Prosus has cut its stake in Tencent from 29% in June 2022 in a move that could help it to bridge the gap between its market value and the value of the assets it holds.
Prosus shares were down 1.1% in Amsterdam while parent Naspers declined 0.3% Tuesday in Johannesburg. BM/DM