Sea tumbled nearly 8% in morning trading as Tencent would cut its voting stake
Tiger Newspress2022-01-04
Sea tumbled nearly 8% in morning trading as Tencent would cut its voting stake.
Tencent said on Tuesday it would cut its stake in Sea Ltd, reducing its voting power to under 10%.
Tencent is selling at a price range of $208.00-$212.00 per share, bringing the total divestment to up to $3.1 billion. Sea's last close price was $223.31 per share. The trade has not been priced, according to a person with direct knowledge.
Tencent will divest about 14.5 million shares, reducing its stake to 18.7% from 21.3%. The company said it intends to retain the substantial majority of its stake in Sea for the long term.
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