March 23, 2018 / 1:32 AM / a year ago

Tencent shares set to open down 7.8 pct after Naspers' selldown

HONG KONG, March 23 (Reuters) - Shares of Tencent Holdings Ltd were set to open down 7.83 percent on Friday after Naspers Ltd’s plan to cut its stake in the Chinese internet giant in a deal that could net the South African media and e-commerce group up to $11 billion.

The stocks were set to open at HK$405, the lowest opening price since Feb. 9. That compared with a 3.67 percent fall in the benchmark index.

Naspers plans to sell up to 190 million shares, or 2 percent, in Tencent and said it has no plans to reduce its holding further for the next three years. (Reporting by Donny Kwok Editing by Paul Tait)

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