South African technology investor Prosus is planning to further reduce its stake in Chinese food delivery platform Meituan (3690), US$250 million (HK$1.95 billion) worth of shares over the past two weeks, Bloomberg reported.

Based on Meituan’s current share price of HK$127.40, Prosus is estimated to have offloaded roughly 15 million shares, or about 0.25 percent of the company’s outstanding equity.

The proceeds from the share sales will be reallocated to other e-commerce investments, the Bloomberg cited sources.

“We are happy to keep some minority stakes and to sell down in some instances to help fund our ecosystems,” said Prosus’ head of investments Fahd Beg, according to the report.

Prosus still holds over 257 million Meituan shares, around 4.2 percent of the company, valued at about HK$32.8 billion. It remains Prosus’s second-largest holding after Tencent (0700).

Prosus came to hold Meituan shares in 2023 following Tencent’s in-kind distribution of its stake. As Tencent’s largest shareholder, Naspers — the parent of Prosus — received Meituan shares, which are now managed under the Prosus portfolio.

STAFF REPORTER

Meituan's South African shareholder Prosus offloads HK$2bln stake, more sales expected