Tencent’s Sea rejig keeps most people happy - ugalani -
New York-listed Sea said on Jan. 3 that it would substantially increase the voting power of its Class B stock, a move that will help its founder, Chairman and Chief Executive Forrest Li, to maintain his influence over the company as China’s Tencent sells down part of its 21.3% shareholding.
The Singaporean games-to-e-commerce company plans to give each Class B share 15 votes, up from three. If shareholders approve the change at an annual meeting scheduled for Feb. 14, Tencent will convert its Class B shares into Class A shares, which carry one vote each, reducing its voting power to less than 10%, according to a Sea filing.
Li is currently entitled to vote some of Tencent's Class B shares. Class B shares currently represent 52% of the voting power at Sea. If the changes are approved, Li's remaining B shares will represent 57% of the voting power, Sea said. On the same day, Tencent said it would reduce its equity interest in Sea from 21.3% to 18.7%. The company said it would use the proceeds to fund other investments and social initiatives, and intends “to retain the substantial majority” of its equity stake in Sea for the long term.A logo of Tencent is seen during the World Internet Conference in Wuzhen, Zhejiang province, China, November 23, 2020.
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