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South Africa’s Naspers Denies Rumors It Plans to Dump Tencent Shares

by Eric Olander
South Africa-based investment company Naspers is the largest shareholder of Chinese technology behemoth Tencent. JADE GAO / AFP

South African tech investment firm Naspers denied rumors that it is in talks with the Chinese state-owned investment company CITIC to sell its $70 billion stake in the Chinese tech behemoth Tencent.

The Cape Town-based company issued a statement on Tuesday that said reports of a sale were “speculative and untrue.” Regardless, news of a possible lifted both the shares of Naspers and its subsidiary Prosus along with the entire Johannesburg Stock Exchange.

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