On 27 June 2022, Naspers and Prosus announced an open-ended share repurchase programme.
Prosus regularly sells small numbers of ordinary shares in Tencent Holdings Limited held by the Group, while concurrently purchasing Prosus N ordinary shares. At the same time, Naspers sells Prosus N ordinary shared and purchases Naspers N ordinary shares.
As of 29 November 2024, the buyback has created over US$36bn in value. It achieved a 10% NAV accretion per share for Prosus, 12% for Naspers, while 25% of Prosus free float and 22% of Naspers free float has been repurchased.
We will continue to operate the buyback at its maximum pace, within the regulatory limits, specifically the EU Market Abuse Regulation, as long as the discount to net asset value remains elevated.
We are committed to remain a large shareholder in Tencent and are excited about Tencent’s long-term prospects. Our open-ended buyback program increases our per share exposure to Tencent.
Prosus and Naspers intend to cancel their respective repurchased shares, in line with regulatory requirements.
Additional information on the open-ended share repurchase programme is available below.
Prosus open-ended share repurchase programme summary
Prosus open-ended share repurchase programme detail: May ’24 – Aug ’24
Prosus open-ended share repurchase programme detail: Dec ’23 – Apr ’24
Prosus open-ended share repurchase programme detail: Jun ’23 – Nov ’23
Prosus open-ended share repurchase programme detail: Dec ’22 – Jun ’23
Prosus open-ended share repurchase programme detail: Jun ’22 – Dec ’22