Tencent to reduce voting stake in Singapore tech group Sea,the latter fell nearly 5% in premarket trading

Tiger Newspress2022-01-04

Sea fell nearly 5% in premarket trading.Chinese gaming and social media company Tencent Holdings Ltd has agreed to convert its Class B ordinary shares in Singapore-based gaming and e-commerce firm Sea Ltd into Class A ordinary shares, reducing its voting power to less than 10%.

In a statement issued on Wednesday, U.S.-listed Sea said Tencent and its affiliates, which together hold a 21.3% stake in the company, had given an irrevocable notice to convert its entire 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, whose market value of $124 billion makes it Southeast Asia's most valued company.

Tencent has also agreed to terminate its proxy to Li after the conversion.

Sea said the changes are subject to approval by its shareholders at its annual general meeting on Feb. 14.

It said that once the changes are made, the outstanding Class B ordinary shares beneficially owned by Li are expected to represent about 57% of the voting power, up from about 52%.

Separately, Li holds about 54% of the total voting power related to the size and composition of Sea's board of directors.

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Comments

  • Huatahhuat
    2022-01-05
    Huatahhuat
    😱
  • koolgal
    2022-01-05
    koolgal
    Just when the share price of SEA was trending up, news on Tencent reducing its voting stake rattled it.  This gives its Founder Forrest Li increased stake in SEA! Go SEA! Born in Singapore, Growing Globally! 🚀🚀🚀🌙🌙🌙
  • robot1234
    2022-01-05
    robot1234
    Now, Tencent is trading near 52-week low at HK450 as compared to her 52-week high of HK773. Definitely value for money, ceteris paribus.
  • jayfalcon
    2022-01-05
    jayfalcon
    Like pls 🙏 thanks
  • TonySiang
    2022-01-05
    TonySiang
    Woiw
  • Huatahhuat
    2022-01-04
    Huatahhuat
    OMG GG
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