Tencent Holdings top backer Prosus to cut $134 billion stake: Report

Prosus NV is planning to sell more of its $134 billion stake in Chinese internet giant Tencent Holdings Ltd. to finance a buyback program, reversing a pledge to hold onto the full shareholding.

Tencent declined in Hong Kong on Monday as investors pondered the extent to which Prosus, the Chinese company’s biggest shareholder, will unload its stock. The shares fell as much as 2.5% and traded 1.6% lower at the close.

“We will keep selling Tencent shares to buy back our own, it’s open-ended and an unlimited program,”, Chief Executive Officer Bob Van Dijk said in an interview. Disposals will be in