Prosus Expects $769 Million Writedown on Its Stake in Russia’s VK
VK office in Moscow.
Source: Bloomberg
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Prosus NV expects to write off $769 million and asked its directors on the board of social media platform VK Co. Ltd. to resign following sanctions against the Russian firm’s chief executive officer.
The Dutch e-commerce giant owns a 27% stake in VK, one of myriad internet-related assets around the world. Its main other Russian interest is Avito, a classified ads site. Prosus will continue to own and run Avito, CEO Bob Van Dijk told investors Monday, and will support the firm’s Russian staff.