South African media company Naspers Ltd. is cashing in a sliver of one of the greatest venture-capital investments ever.
The Cape Town-based company is selling $10.6 billion of shares in Tencent Holdings Ltd., equal to 2 percent of the stock in the Chinese operator of the WeChat messaging service, it said in a statement Thursday.
The stake Naspers bought for just $32 million in 2001 -- when Tencent was an obscure Web firm in a nation where few people used the Internet -- is now worth $175 billion.
Who would have thought?
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