By Joe Stonor
Prosus shares rose tracking gains in Tencent Holdings, in which the investment group is the largest shareholder.
The Amsterdam-listed group--which invests in consumer-facing internet companies and holds a 23.12% stake in Tencent--rose 9%, or 3.91 euros, to 46.485 euros in early European trading Tuesday. The stock is the sharpest riser in the Europe-wide Stoxx 600 index.
The move tracked a surge in Tencent shares. The Chinese tech giant rallied 7.3% in Hong Kong amid a broader tech rebound across Asia, spurred by comments from President Trump suggesting the war in Iran would soon end.
Prosus shares move in lockstep with Tencent, given the Shenzhen-based company represents 75.9% of Prosus's portfolio. Its investment in Tencent is valued at around $136.8 billion.
The portfolio includes stakes in more than 80 companies, including a stable of educational technology startups and food delivery names like Delivery Hero and Just Eat.
Prosus group has a market valuation close to $118 billion, a significant discount to the $180.3 billion net asset value of its holdings.
South African media group Naspers owns a controlling 41% stake in Prosus after it spun off the investment group in a 2019 listing. Its shares are up 7.4% at 946.00 South African Rand.
Write to Joe Stonor at josephmichael.stonor@wsj.com
(END) Dow Jones Newswires
03-10-26 0652ET
