Prosus disposal of Tencent shares world's biggest block trade

Holland-based technology investor Prosus NV has sold 2 percent of Tencent Holdings (0700) for US$14.7 billion, the Chinese gaming and social media company said on Thursday, in the world's largest-ever block trade, Reuters.

Tencent, in a Hong Kong Stock Exchange filing, said Prosus sold 191.89 million shares for HK$114.1 billion (US$14.67 billion), reducing its stake to 28.9 percent.

That works out as HK$595 per share, confirming Reuters’ earlier report in which sources said Prosus sold the stock at the top of an indicative range of HK$575 to HK$595.

The price was a 5.5 percent discount to Tencent’s Wednesday close of HK$629.50. The stock, which is up by 10 percent so far this year, opened down 2.5 percent in Hong Kong following the news today.

Prosus, majority controlled by Naspers, did not respond to a request for comment on the pricing.