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Naspers selling 2% of its stake in Tencent

South Africa's Naspers Ltd. plans to sell up to 190 million of Tencent Holdings Ltd. shares, representing about 2% of Tencent's total issued share capital.

The sale would reduce Naspers' stake in China's Tencent to 31.2% from 33.2%.

The company said March 22 that it will use the proceeds from the sale to reinforce its balance sheet and will invest in classifieds, online food delivery and fintech businesses globally.

Naspers does not plan to sell futher Tencent shares for at least the next three years.