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Brief Tech, Media & Telecom

Top Tencent holder Prosus to sell up to $14.6 billion of its stake

Prosus NVplans to raise as much as $14.6 billion from the sale of shares in Chinese internet giant Tencent, further fortifying its war chest for new e-commerce deals, reported Bloomberg.

The Amsterdam-listed company will sell a 2% stake in Tencent, reducing its holding to just under 29% while remaining the biggest shareholder, according to a statement issued Wednesday.

The sale will bolster Prosus’ coffers at a time when e-commerce is booming, with the coronavirus pandemic increasing online demand for everything from shopping and food delivery to education. The company already has assets in those sectors alongside the likes of payment services, and it has long been on the hunt for further acquisitions, reported Bloomberg.

“The group has some really interesting investments in India’s e-commerce space, so perhaps that is where some of the capital will go,” said Nick Kunze, a senior portfolio manager at Sanlam Private Wealth. “They now have the war chest to implement on the opportunities.”

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