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Business deals

Tencent's biggest investor to trim stake

A unit of South African group Naspers to offload a 2 per cent holding but remain largest shareholder

  © Reuters

South Africa's Naspers internet group said it will sell up to 2 per cent of Tencent, raising about $14.5bn and cutting its stake in China's most valuable company for just the second time in two decades.

Prosus, the Dutch-listed international arm of Naspers that holds the Tencent stake, said on Wednesday that cash from the sale will "increase its financial flexibility to invest in growth" in an emerging-market internet empire that extends across Indian online payments, South American food delivery and Russian social media.

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