Dutch investor Prosus to write off $700 million stake in VK Group

Prosus, the Dutch technology investor, said it was writing off its stake in Moscow-headquartered online platform VK Group, which it said was valued on Prosus’s books at $700 million.

VK Group Ltd., known until October as Mail.Ru, is one of Russia’s largest internet companies, known for social networking and gaming. It has a listing on the London Stock Exchange and is registered in Cyprus, with headquarters in Moscow.

“Prosus asked its directors on the VK Board to resign their positions,” the company said in a statement. Prosus owns 25.9% of VK, according to Refinitiv data