Prosus N.V., the global Internet group led by South African billionaire Jacobus Petrus Bekker, also known as Koos Bekker, has fully divested its shares in Chinese online travel agency Trip.com for $743 million as part of its ongoing strategy to divest non-core assets and unlock shareholder value.
This sale comes as Prosus continues to focus on shrinking its enormous portfolio and unlocking value, notably in the Asia-Pacific technology sector, where the business has made significant investments in recent years to fund its ongoing share-purchase program.
Prosus sold more than 2% of Trip.com’s stock for $743 million as part of a strategy to unlock value and reduce its investment in the Chinese travel behemoth. The transaction provides Prosus with the necessary liquidity to focus on higher-growth sectors of its business.
While Trip.com has increased its domestic travel business, it continues to confront hurdles from the worldwide post-pandemic recovery, particularly in China. Prosus’ decision to sell its 14.5 million shares, bought in 2001, is consistent with its aim of streamlining investments and maximizing returns.
Prosus N.V., founded in 1997 by Koos Bekker, has expanded into a global consumer Internet firm and one of the world’s largest technology investors.
The organization, a branch of the famed South African multinational conglomerate Naspers, which is also led by Bekker, has a wide international portfolio that includes investments in leading fintech, social media, ed-tech, and food delivery system companies. Bekker’s 0.84 percent interest in Prosus is worth $588 million at the time of writing.
Over the last year, Prosus has implemented a number of steps to optimize its portfolio, including share buybacks and other divestments. With a strong emphasis on technology and digital transformation, Prosus is committed to delivering long-term value by reallocating money to sectors with greater development potential.