Naspers-owned Prosus to raise $14.6 billion in Tencent share sale

Prosus plans to raise as much as $14.6 billion from the sale of shares in Chinese internet giant Tencent Holdings to fund growth ventures.

The Amsterdam-listed e-commerce firm will sell a 2% stake in Tencent, reducing its holding to just under 29%, according to a statement on Wednesday. The price range was set at HK$575.00 to HK$595.00, a discount to the last trading price.

Prosus is cashing on one of the all-time great venture-capital investments. Naspers, the company’s Cape-Town-based parent, invested just $32 million in Tencent in 2001, when it was an obscure Web firm. The shares are now worth about $239 billion.

Prosus has committed not to sell any further Tencent shares for at least the next three years, the company said. Naspers sold a similar size stake in 2018, a year before spinning off the shareholding and most of its other businesses into what is now Prosus.

Prosus shares fell as much as 5% in Amsterdam.

Read: Naspers sees earnings slide on Prosus listing

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Naspers-owned Prosus to raise $14.6 billion in Tencent share sale