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Prosus to trim Tencent stake as core headline earnings slump

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AMSTERDAM :Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in annual core headline earnings and announced a major share repurchasing programme.To fund the programme Prosus will gradually sell down its massive 28.9 per cent stake in Chinese software giant Tencent, owner of

AMSTERDAM :Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in annual core headline earnings and announced a major share repurchasing programme.

"This will efficiently unlock immediate value for shareholders because we're selling shares at full value and we're buying back our stock at a considerable discount," CFO Basil Sgourdos said. Sometimes compared to SoftBank and its Vision Fund https://www.reuters.com/business/finance/europes-softbank-prosus-plays-long-game-shrink-value-gap-2021-07-08, Prosus owns stakes in a wide range of consumer internet companies including meals delivery companies Delivery Hero of Germany & South Korea, iFood of Brazil and Swiggy of India, PayU in payments, and Stack Overflow and Codecademy in educational software.

 

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Prosus to trim Tencent stake as FY core headline earnings slumpAMSTERDAM : Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.The company plans to release its profit and loss figures later in the day.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Prosus to trim Tencent stake as FY core headline earnings slumpAMSTERDAM : Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.The company plans to release its profit and loss figures later in the day.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »