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Tencent sells $3.01 billion stake in Singapore tech group Sea

Randy Mancini 2 Jan 4
FILE PHOTO: A Tencent logo is seen during the World Internet Conference in Wuzhen
FILE PHOTO: A Tencent logo is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song

January 5, 2022

(Reuters) – Chinese gaming and social media company Tencent Holdings Ltd on Wednesday sold a stake worth $3.01 billion in Singapore-based gaming and e-commerce firm Sea Ltd.

Tencent sold 14.5 million shares in Sea Ltd at $208 each in a block trade, according to a term sheet reviewed by Reuters. It had said on Tuesday it would reduce its voting power in the U.S.-listed firm to under 10%.

Sea and Tencent did not immediately respond to a request for comment from Reuters.

(Reporting by Shashwat Awasthi and Scott Murdoch; editing by Uttaresh.V)