18 Oct 2023
Prosus updates on open-ended share repurchase programme
Conversion of Tencent shares to digital form
To continue its value accretive open-ended share repurchase programme, this week Prosus will convert 96 million Tencent shares it owns from certificate form to digital form, through a process of dematerialisation. This represents approximately 1% of the issued share capital of Tencent. This is in line with the action taken in April 2023.
On 27 June 2022, Prosus and Naspers announced the launch of an open-ended share repurchase programme of Prosus and Naspers shares. The programme, funded by the regular and orderly selling of small numbers of Tencent shares, is designed to efficiently unlock value for shareholders and increase NAV per share over time. The programme is ongoing and will remain active as long as the discount to NAV is at elevated levels. We envision no change in the parameters of the programme.
To facilitate the programme, Prosus must take the administrative step of depositing 96 million Tencent shares that it holds in certificated form into the Hong Kong Central Clearing and Settlement System (CCAS). The dematerialisation does not reflect any change in strategy for Prosus and Naspers and is solely to allow the market trading of these shares in an orderly way, in accordance with the open-ended share repurchase programme.
Since its launch, the programme has created significant value for Prosus and Naspers shareholders. From launch to the end of September 2023, the holding-company discount reduced by 16 percentage points, unlocking US$25 billion of value. Over this time, the Prosus free float has reduced by 17%, leading to an improvement in NAV per share of almost 7%.
For more information, please contact:
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Eoin Ryan Head of Investor Relations Tel: +1 347-210-4305 Email: [email protected] |
Alan Duerden Communications Director Mobile: +44 7841 028 307 Email: [email protected] |
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world.
Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.
Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more.
The team actively backs exceptional entrepreneurs using technology to improve people's everyday lives.
Each month, over two billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built.