Nasper-controlled technology investor Prosus has decided to leave its stake in Russian advertising business Avito. Its shareholding is its subsidiary OLX Group.
“On March 25, 2022, we announced the separation of Russian Avito Ads from our OLX Group. After the completion of this operational division, Prosus decided to withdraw from Russian business, ”the group said in a statement to shareholders on Friday.
“We have started searching for a suitable buyer for our shares in Avito.”
The move came after Russia’s invasion of Ukraine, which led to severe sanctions against the country, mostly by Western countries, which led to the release of many international brands.
In March, Prosus, headquartered in the Netherlands, said it would cut ties with Avito and would not seek to benefit economically from property ownership.
Reuters reported at the time that Avito was one of Prosus’ most valuable investments before Russia’s invasion of Ukraine on February 24 with an estimate of about $ 6 billion. – © 2022 NewsCentral Media