Naspers, the South African media company that is one of the biggest shareholders in Tencent, said that it would sell down part of its stake in the Chinese technology giant for the first time in almost two decades.
In a statement on Thursday, Naspers said that it would sell stock worth more than $10bn, equivalent to 2 per cent of the shares in Asia’s biggest company by market capitalisation, to fund investments elsewhere.
The transaction would reduce Naspers’ stake in Tencent, the world’s biggest gaming company and the owner of China’s WeChat and QQ social networks, from 33 per cent to 31 per cent.
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