Prosus, the subsidiary of South African Internet and media giant Naspers, announced yesterday April 7 its intention to sell 2% of the shares it holds in Tencent, the Chinese video games company.
The transaction, which involves 191.8 million shares, will be carried out via MIH TC Holdings Limited, a subsidiary of the company listed on the Dutch market. Once completed, Prosus will reduce its stake from 30.9% to 28.9% but will remain the largest shareholder in the group.
“Prosus intends to use the proceeds of the sale to increase its financial flexibility to invest in growth ventures, plus for general corporate purposes,” the company said. Prosus, overtaken in July 2020 by the Norwegian Adevinta which bought the activity of classified ads of e-Bay, could be interested in new opportunities, especially in the sector of e-commerce which knows a frank success since the advent of the covid-19. The company listed on the Amsterdam Stock Exchange has indicated that it will not make any further sales of Tencent shares over the next three years.
Naspers' 2001 investment in Tencent cost it only about $32 million. Tencent recently announced a 175% increase in quarterly profit to the end of December 2020.
Chamberline Moko
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...