Conversion of Tencent shares to digital form
AMSTERDAM–(BUSINESS WIRE)–Prosus N.V. (Prosus) (AEX and JSE: PRX): 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 administrat
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