|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||49.53 - 50.14|
|52 Week Range||27.77 - 52.18|
|Beta (5Y Monthly)||0.36|
|PE Ratio (TTM)||36.90|
|Forward Dividend & Yield||0.07 (0.15%)|
|Ex-Dividend Date||Nov 25, 2020|
|1y Target Est||N/A|
In the second-largest block trade ever, Prosus sells almost $15 billion of its massive Tencent stake. What will it do with the cash?
Investors in Naspers Ltd - Africa's biggest company - said on Thursday they want proceeds from a $14.7 billion stake sale in its Tencent Holdings investment to go towards blockbuster acquisitions or a share buyback. Naspers' Dutch-listed subsidiary Prosus NV sold a 2% stake in the Chinese gaming and social media giant on Thursday in the world's largest-ever block trade, reducing its stake to 28.9%. Prosus' portfolio is dominated by Tencent, which owns China's biggest messaging app, WeChat.
Prosus, the Dutch-listed international arm of Naspers that holds the Tencent stake, said on Wednesday that cash from the sale will “increase its financial flexibility to invest in growth” in an emerging-market internet empire that extends across Indian online payments, South American food delivery and Russian social media. The offering to institutional investors, made just after a three-year lock-up expired on a first sale of shares in 2018, is “understood and supported by Tencent”, said Prosus, which pledged to avoid selling for another three years. The sale will reduce Prosus’s stake to just under 29 per cent, a stake that keeps it as the biggest shareholder in the Chinese gaming and social media giant.