Dutch tech investment company Prosus and its parent company Naspers said on Monday that they plan to reduce their 28.9% stake in Tencent to fund a share purchase program. Prosus’s current stake in Tencent is worth about $136 billion. The move is aimed at closing the gap between the market value of Prosus, which is about $116 billion, and the Tencent stake they own. The company said the selling process will be gradual and that there’s no specific size limit on the sale. Tencent said it supports the move and expects the impact to be “limited.” Prosus has also sold its entire stake in JD.com for about $3.67 billion as part of the move to reshape its portfolio. [Reuters]
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