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are being executed in small chunks of between three to five per cent of daily volumes. Prosus deposited an additional 96 million Tencent shares, or about one per cent of the company, in Hong Kong’s clearing and settlement system this month, typically a precursor to offload stock.

Interest

The Dutch firm has a regulatory requirement to disclose its interest in the Chinese company every time it decreases by a full percentage point.

Prosus has cut its stake in Tencent from 29 per cent in June 2022 in a move that could help it to bridge the gap between its market value and the value of the assets it holds.

Prosus shares were down 1.1 per cent in Amsterdam, while parent Naspers declined 0.3 per cent on Tuesday in Johannesburg. Banking group Capitec said on Tuesday independent

non-executive director and chairman of the audit committees of the group is set to retire from its board in 2024. Verster, also CEO of Protea Capital, will see his nineyear term come to an end in March 2024, with the intention that he would retire at the group’s 2024 annual general meeting, currently scheduled for the end of May of that year. According to a directive pursuant to the Banks Act, independent non-executive directors are no longer considered independent after nine years.

Boards

Capitec also said on Tuesday that independent non-executive director Thetele Mashilwane will step down from the Boards of the companies in September 2023, given the appointment of KPMG as an auditor for its 2025 year. This has given rise to a deemed conflict of interest due to a business relationship between KPMG and her companies. Mashilwane joined Capitec’s Board in 2020.