COMPANIES: Naspers and Prosus pocket R122bn from Tencent share disposal

Shares in Naspers and Prosus surged by almost 5% on Wednesday after the companies announced an update on their open-ended repurchase programme, through which they are offloading Tencent shares.

He said they were accelerating their path to profitability and that repurchasing their own stock was a “great use” of their capital: “Investing in Tencent and our own e-commerce portfolio at a 40% discount significantly improves NAV per share and creates permanent value that will compound over time.” Van Dijk said $15-billion of value had been created on announcement of the programme.

But on Wednesday, Bloomberg reported Chinese shares were off to a strong start in 2023, as fears of isolationist policies gave way to signs that China was turning more investor-friendly. “A number of [tech] sectors over the course of the last year [are in a messy] downward trajectory… The valuation downdraft has hurt us everywhere.”

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