Netherlands-based marketplace operator Prosus has netted approximately $34 million U.S. through selling ordinary shares in Tencent, further reducing its stake in the China-based company.

In a regulatory filing with the Stock Exchange of Hong Kong, Prosus said it had sold 789,600 ordinary shares in the internet company, “bringing its total ownership in Tencent to 25.99%.”

On Tuesday, Tencent closed at HKD339 ($43.2 U.S.) / share. The funds will be used to finance Prosus’s share repurchase program, active since June 2022, to reduce the discount at which its shares have been trading vis-à-vis the value of its underlying assets.

Majority owned by South Africa-based Naspers, the marketplace specialist has reduced its ownership of the China-based asset from 29% in June 2022. Between Apr. 17 and 21, the company repurchased 2.65 million of its own shares at an average price of just under €70 / share for total consideration of €185 million ($203 million U.S.).

Prosus has a primary listing on EuroNext Amsterdam and secondary listings on the Johannesburg Stock Exchange and A2X Markets. Its classifieds and marketplaces include OLX Autos, AutoVit.ro, ImoVirtual, LetGo.com, OLX.com, Otodom.pl, OtoMoto.pl, OtoPlus.com, StandVirtual.com, and WeBuyAnyCarUSA.com.

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