Holland-based technology investor Prosus NV has sold 2% of Tencent Holdings for $14.7 billion, the Chinese gaming and social media giant said today, in the world's largest-ever block trade.
Tencent, in a Hong Kong Stock Exchange filing, said Prosus sold 191.89 million shares for HK$114.1 billion ($14.67 billion), reducing its stake to 28.9%.
That works out as HK$595 per share, confirming Reuters' earlier report in which sources said Prosus sold the stock at the top of an indicative range of HK$575 to $HK595. Prosus is majority controlled by Naspers.
The block trade - or the usually private, single trade of a large amount of securities - surpassed the previous record set in 2018 when Naspers also sold 2% of Tencent for $9.8 billion, Refinitiv data showed.
"The proceeds of the sale will increase our financial flexibility, enabling us to invest in the significant growth potential we see across the group, as well as in our own stock," Prosus chief executive Bob van Dijk said in a statement.
Prosus also invests in online food delivery platforms, classified marketplaces and digital payments businesses.
For the half-year ended September 30, it reported a 29% increase in core earnings at $2.2 billion, as proceeds from its Tencent stake offset losses at other online interests.
