Prosus and its parent Naspers are planning to cut their corporate workforce by 30%, becoming the latest companies in global tech to announce layoffs.
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The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
Interim profit slipped 93% as the technology investor increased funding of its businesses and took a knock from Tencent.
Tencent Holdings on Wednesday said it will distribute most of its stake worth R350-billion in food delivery firm Meituan to its shareholders.
The Naspers unit gave up its stake in Russia’s largest social network for nothing, walking away from the company.
Naspers has rubbished an report that it is in talks with a Chinese investment company to sell all its remaining shares in Tencent.
Tencent is on track to close at its lowest point in five years as investor sentiment turned negative over China’s macro outlook.
Prosus, the Dutch-based technology investor owned by Naspers, said it has agreed to sell its Russian online marketplace Avito.
Tencent Holdings’ buyback spree is failing to revive investor sentiment over the online gaming giant, whose shares are languishing near a 2018 low.
Tencent shares worth $7.6-billion have appeared in Hong Kong’s clearing and settlement system, spurring speculation.