By Adria Calatayud

Prosus NV said Wednesday that it plans to cut its stake in Tencent Holdings Ltd. to 28.9% from 30.9%, selling shares worth $15.50 billion.

The Dutch internet conglomerate, a subsidiary of South Africa's Naspers Ltd., said it intends to sell up to 191.9 million shares in Tencent. Naspers was one of the Chinese tech giant's earliest investors.

Based on Tencent's closing price on Wednesday, the share sale would be worth $15.53 billion.

Prosus said the parcel of Tencent shares will be offered to institutional investors globally, with books expected to close prior to the Hong Kong opening.

Prosus said the proceeds of the sale will increase its financial flexibility to invest in growth ventures, and that it has committed not to sell any further Tencent shares for at least the next three years.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 07, 2021 05:27 ET (09:27 GMT)

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