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Prosus: Disposal of JD.com Shares Received From Tencent Holdings Limited
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
On December 23, 2021, Tencent Holdings announced a special interim dividend in the form of Class A shares of JD.com, resulting in Prosus receiving approximately 131.87 million JD.com shares, an effective interest of 4%. The orderly disposal of these shares concluded on June 24, 2022, generating about US$3.67 billion in proceeds, which will support general corporate purposes. As of March 31, 2022, the carrying value of these shares was approximately US$3.94 billion, with no profit attributed for the fiscal year ending March 31, 2022.
Positive
Prosus received 131.87 million JD.com shares, reflecting a 4% interest in JD.com.
The orderly disposal of JD.com shares generated approximately US$3.67 billion.
Negative
The profit attributable to the JD.com shares was zero for the fiscal year ending March 31, 2022.
The carrying value of JD.com shares at March 31, 2022, was approximately US$3.94 billion, indicating potential losses.
AMSTERDAM--(BUSINESS WIRE)--
Prosus (Euronext Amsterdam: PRX; JSE: PRX) shareholders are advised that on 23 December 2021, the board of directors of Tencent Holdings Limited (Tencent), declared a special interim dividend in the form of a distribution in specie of Class A ordinary shares (the JD.com shares) of JD.com, Inc. (JD.com), a company whose American depositary shares are listed on NASDAQ Global Select Market (stock symbol: JD, ISIN Code: US47215P1066) and whose shares are listed on The Stock Exchange of Hong Kong Limited (HKEx) (stock code: 9618), representing a majority of the JD.com shares held by Tencent (the JD.com in specie distribution).
Prosus, through its subsidiary MIH TC Holdings Limited, received 131 873 028 JD.com shares under the JD.com in specie distribution, representing a c.4% effective interest in JD.com.
JD.com is a leading supply chain-based technology and service provider. Its e-commerce business includes online retail and online marketplace. In the online retail business, JD.com acquires products from suppliers and sells them directly to customers primarily through JD.com mobile apps and websites. In the online marketplace business, third-party merchants sell products to customers primarily through JD.com mobile apps and websites.
As JD.com does not form part of the group’s core strategic focus and the JD.com shares were received by the Prosus group as a result of the JD.com in specie distribution, the Prosus group implemented an orderly disposal of the JD.com shares on the open market. The JD.com shares were sold through an on-market orderly sales process comprising of a number of separate sales over time (the Disposal).
The Disposal was not subject to any conditions precedent and concluded on 24 June 2022. Aggregate proceeds of approximately US$3.67bn were realized through the Disposal.
The aggregate proceeds of the Disposal after costs, fees and expenses will be retained by the Prosus group for general corporate and liquidity purposes.
The carrying value of the JD.com shares as at 31 March 2022, being Prosus's most recent reporting period, was approximately US$3.94bn. The profit after tax attributable to the JD.com shares for the twelve months ended 31 March 2022 was zero. The aforementioned information has been extracted from the full year financial information of Prosus for the twelve-month period ended 31 March 2022, prepared in accordance with International Financial Reporting Standards.
Amsterdam, the Netherlands 27 June 2022
JSE sponsor to Prosus Investec Bank Limited
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs using technology to improve people’s everyday lives.
Every day, billions of customers use the products and services of companies that Prosus has invested in, acquired or built, including 99minutos, Airmeet, Aruna, AutoTrader, Autovit.ro, Azos, BandLab, Bibit, Biome Makers, Borneo, Brainly, BUX, BYJU'S, Bykea, Captain Fresh, Codecademy, Collective Benefits, Creditas, DappRadar, DeHaat, Domofond.ru, dott, EduMe, ElasticRun, eMAG, Endowus, Eruditus, EVERY, Facily, Flink, Foodics, Good Glamm Group, GoodHabitz, GoStudent, Honor, iFood, Imovirtual, Klar, Kovi, LazyPay, letgo, Luno, Mensa Brands, Meesho, merXu, Movile, Oda, OLX, Otodom, OTOMOTO, PaySense, PayU, Pharmeasy, Platzi, Property24, Quick Ride, Red Dot Payment, Republic, Shipper, ShopUp, SoloLearn, Stack Overflow, Standvirtual, Superside, Swiggy, Thndr, Tonik, Ula, Urban Company, Wayflyer, and Wolt.
Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, Sinch, and SimilarWeb.
Today, Prosus companies and associates help improve the lives of more than two billion people around the world.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.
This announcement is for information purposes only and is not and does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. This document and anything contained herein including any copy thereof may not be taken into or distributed, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia), Canada or Japan or any other jurisdiction in which it would be prohibited or restricted by applicable law.
