Tencent raises $3 bln by selling off stake in Sea
By MYBRANDBOOK
Tencent Holdings has raised $3 billion by selling 14.5 million shares at $208 each in Sea. Tencent said it had entered into a deal to reduce its stake in the Singapore-based gaming and e-commerce group to 18.7% from 21.3%. The company plans to retain the substantial majority of its stake in Sea for the long term.
The sale comes after Tencent said last month it would divest $16.4 billion of its stake in JD.com (9618.HK), weakening its ties to China's second-biggest e-commerce firm, amid pressure from Beijing's broad regulatory crackdown on technology firms.
Sea said Tencent and its affiliates had given an irrevocable notice to convert all their Class B ordinary shares. Upon conversion, all outstanding class B shares of Sea will be beneficially owned by Forrest Li, the founder, chairman and CEO of Sea, Southeast Asia's most valued company, which has a market capitalization of $110 billion.
Guotai Junan International analyst Vincent Liu said he did not see Tencent's move to trim its Sea stake as surprising, given its recent JD.com divestment. Tencent owns a huge, diversified investment portfolio so buying or selling shares in its investors could be considered a "regular action", he said.
Sea's shares have shed 47% from a record high of $372 struck in October but have still risen five-fold in the past three years.
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
TALLY SOLUTIONS PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
POLYCAB INDIA PVT. LTD.
MATRIX COMSEC PVT. LTD.
Technology Icons Of India 2023: Anant Maheshwari
As President of Microsoft India, he is responsible for Microsoft’s o...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Rajeev Chandrasekhar
Rajeev Chandrasekhar is the Union Minister of State for Electronics an...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
SATCOM INFOTECH PVT. LTD.
Satcom Infotech Pvt. Ltd is a distribution houses in security in India...