PRX Prosus NV

By Anthony O. Goriainoff

Naspers Ltd. (NPN.JO) said Wednesday that it has sold 22 million ordinary shares in Prosus NV (PRX.AE) at 67.50 euros ($74.90) a share.

The South Africa-based internet group said the sale resulted in gross proceeds of around EUR1.5 billion for Naspers. The company said that as part of the placing it has agreed to a 90-day lock up period with respect to its remaining interest in Prosus ordinary shares.

Following the placing Naspers holds about 72.5% of the issued Prosus ordinary shares. Prosus was spun off from Naspers last year and houses a major stake in Chinese internet giant Tencent Holdings Ltd. (0700.HK) alongside a number of other digital investments.

Naspers said all of the proceeds will be repatriated to South Africa and that it will use the proceeds over time to return capital to shareholders in the form of a share repurchase program.

Prosus shares closed at EUR70.87 a share on Tuesday.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

January 22, 2020 02:05 ET (07:05 GMT)

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