Tencent says to spin off online music unit in US

A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province November 16, 2016. — Reuters pic
A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province November 16, 2016. — Reuters pic

HONG KONG, July 8 — Tencent Holdings Ltd has submitted a proposal to the Stock Exchange of Hong Kong to seek a separate listing of its online music entertainment business on a recognised stock exchange in the United States.

“The Stock Exchange has confirmed that the company may proceed with the proposed spin-off,” Chairman Ma Huateng said in a filing to the Hong Kong bourse today.

The internet giant said it would seek a separate listing of its online music entertainment business operated by its majority-owned Tencent Music Entertainment Group by way of an initial public offering. It gave no further details on venue of the listing in the US.

Terms of the proposed spin-off, including offering size, price range and entitlement of Tencent Music securities for the company’s shareholders, have not yet been finalised, Tencent said. Further statements will be made, it added. — Reuters



Source: The Malay Mail Online





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