Shares in Naspers soared above 22% on Monday following an announcement by the global consumer internet group to begin an"open-ended" sale of Tencent shares, its biggest investment.
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Market loves surprise move by Naspers to narrow value gapShares skyrocket after Prosus retracts on Tencent sales to fund share buyback
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Naspers, Prosus hit by earnings decline, to start selling off Tencent stake to fund share buyback | Fin24Naspers and its subsidiary Prosus will slowly be selling off parts of its stake in Chinese tech giant Tencent in order to fund an open-ended programme to repurchase its own shares. | Fin24
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Prosus sale plan sends Chinese tech stocks tumblingA plan by Tencent’s major backer, Naspers-controlled Prosus, to further cut its stake in the company fuelled concerns among investors on Tuesday.
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