Naspers to draw down portion of TenCent shares to invest in fintech
22 March 2018 | 3772 views | 0
Naspers announces its intention to sell up to 190 million Tencent Holdings Limited (Tencent) shares, equal to approximately 2% of Tencent’s total issued share capital, which would reduce its stake in Tencent from 33,2% to 31,2 (the Transaction).
The funds will be used to reinforce Naspers’ balance sheet and will be invested over time to accelerate the growth of Naspers’ classifieds, online food delivery and fintech businesses globally, and to pursue other exciting growth opportunities when they arise.
Naspers also announces that it will not sell further Tencent shares for at least the next three years, in line with its long-term belief in Tencent’s business.
Shareholders of Naspers are advised that the Transaction, if successfully implemented, is likely to constitute a category 2 transaction in terms of the Listing Requirements of the Johannesburg Stock Exchange and may have a material effect on the price of Naspers’ securities. Accordingly, Naspers shareholders are advised to exercise caution when dealing in Naspers’ securities until a further announcement is made.