Prosus Targets $5 Billion Buyback in Plan to Cut Tencent Gap

(Bloomberg) — Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd.The group will aim to pick up $1.37 billion of its own stock and $3.63 billion of Naspers, Amsterdam-based Prosus said in a statement on Friday. The purchase will start following the release of half-year earnings on Nov. 23.“Over the years, our group has achieved improved financial flexibility. It has built a portfolio of e-commerce …read more

Source:: Yahoo Finance