Tencent’s major shareholder Prosus, the Dutch-based technology investment company, will sell 191.9 million shares of Tencent Holdings at HK$575-595 per share, involving up to HK$114.18 billion (about $14.7 billion), and its stake in it will drop from 30.9% to 28.9%.

This follows Prosus’s commitment not to sell any more Tencent shares for at least the next three years.

Regarding the proposed sale of up to 2% of Tencent’s shares, Prosus said it has informed Tencent of its intention. Prosus says the sale of its stake is to fund the continued growth of its core business lines and emerging divisions, increasing the company’s financial flexibility. Prosus has again committed not to sell any more Tencent shares for at least the next three years.

Tencent Holdings understands and supports Prosus’s intention. The company will sell shares to global institutional investors, subject to customary share sale restrictions. Investors are now able to subscribe and the sale is expected to close before the market opens in Hong Kong tomorrow.

The share price of Prosus fell 4% after the news, according to Reuters.