Shares of China’s Tencent fell as much as 2.5% after Prosus and Naspers said they would gradually sell shares in the firm.
Browsing: Prosus
Prosus and Naspers plan to sell down the massive 28.9% stake Prosus holds in Chinese Internet giant Tencent.
Naspers-controlled technology investor Prosus has decided to exit its shareholding in Russian classifieds business Avito.
Chinese gaming and social media giant Tencent Holdings reported flat growth in first quarter revenue, its worst-ever such performance.
Prosus said on Friday will cut ties with its Russian online marketplace Avito, and will not seek to benefit economically from its ownership of the business.
The JSE had a spectacular trading session on Wednesday after Tencent Holdings’ shares leapt more than 23% in Asian trading.
Investors punished Chinese shares again on Tuesday, inflicting further collateral damage on South Africa’s Naspers and its European-listed spinoff, Prosus.
Shares in Naspers and its spinoff Prosus tumbled on Monday after a report said Tencent Holdings faces a record fine in China.
Prosus expects to write off the equivalent of R11.8-billion and has asked its directors on the board of social media platform VK to resign.
Tencent denied talk that it’s facing a major regulatory crackdown in China, issuing an unusually aggressive public response. Shares in Naspers still tanked.