Chinese tech colossus Tencent Holdings Limited (HKG:0700) has reportedly cashed out some US$3bn of its position in Singapore-based e-commerce and gaming group Sea.
Some 14.5mln shares were sold at US$208 each to bank US$3bn for Tencent, according to a Reuters report.
It sees Tencent’s stake reduced to 18.7% from 21.3%.
“The share sale unlocks a portion of the value of Tencent’s investment in Sea, which has seen significant growth and expansion in its global business operations,” the investment company said in a statement.
“The divestment provides Tencent with resources to fund other investments and social initiatives, while retaining a substantial majority of its stake in Sea and continuing to benefit from the company’s future growth.”
Tencent added that it intends to retain “the substantial majority of its equity stake” for the long term.