Tencent share sale nets Naspers R116 billion

Tencent's biggest investor, Naspers, has sold its shares for $9.8 billion - around R116 billion.

Naspers has raised $9.8 billion, or around R116 billion, from the sale of shares in Chinese internet giant Tencent, of which Naspers is the biggest investor. The sale reduced Naspers’ stake in Tencent from 33.2 percent to 31.2 percent.

According to the company, the funds will be used to reinforce Naspers’ balance sheet and invest in Naspers’ development businesses. Koos Bekker, Naspers chairperson, said in a statement that the sale would help fund the further development of some of the group's core business lines. 

Bekker said:

“We want to consolidate some market positions, accelerate growth, and bring a few businesses to self-funding status faster with additional support.”

Naspers says it has committed not to sell further Tencent shares for at least the next three years.