Prosus, Naspers to gradually sell Tencent shares to fund share repurchases

Prosus' logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

AMSTERDAM (Reuters) - Dutch technology investment company Prosus and its controlling shareholder Naspers of South Africa said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent to fund a share purchase program.

Prosus holds a 28.9% take in Tencent worth more than $100 billion. The companies indicated they might sell Tencent shares amounting to 3-5% of Tencent's daily average trading volume.

Prosus and Naspers are set to announce full year earnings later on Monday.

(Reporting by Toby Sterling; Editing by Kim Coghill)