Naspers Sells EUR1.5 Billion Stake in Prosus, Plans Share Buyback
22 Janvier 2020 - 08:20AM
Dow Jones News
By Anthony O. Goriainoff
Naspers Ltd. (NPN.JO) said Wednesday that it has sold 22 million
ordinary shares in Prosus NV (PRX.AE) at 67.50 euros ($74.90) a
share.
The South Africa-based internet group said the sale resulted in
gross proceeds of around EUR1.5 billion for Naspers. The company
said that as part of the placing it has agreed to a 90-day lock up
period with respect to its remaining interest in Prosus ordinary
shares.
Following the placing Naspers holds about 72.5% of the issued
Prosus ordinary shares. Prosus was spun off from Naspers last year
and houses a major stake in Chinese internet giant Tencent Holdings
Ltd. (0700.HK) alongside a number of other digital investments.
Naspers said all of the proceeds will be repatriated to South
Africa and that it will use the proceeds over time to return
capital to shareholders in the form of a share repurchase
program.
Prosus shares closed at EUR70.87 a share on Tuesday.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 22, 2020 02:05 ET (07:05 GMT)
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