Prosus writes off stake in VK in favor of company, shares sold to management for 24.8 bln rubles

MOSCOW. Nov 10 (Interfax) - Prosus, which is part of the South African Naspers holding, is no longer a shareholder in VK , the Russian internet company said.

Prosus has written off its shares in favor of the company, it said. Prosus had an economic interest of 25.7% and voting stake of 12.3% in VK as of December 31, 2022.

VK sold the acquired treasury shares to the management team for 24.8 billion rubles.

JSC Singularity Lab, a company owned by the management team, will use the shares to support VK's new long-term management incentive program.