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☆ Prosus cuts India's Byju's valuation to under $3 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsMUMBAI, Nov 29 (Reuters) - Tech investor Prosus NV (PRX.AS) said on Wednesday it was valuing Indian education firm Byju's at under $3 billion, 86% less than its peak valuation of $22 billion last year, after the company struggled with governance and cash-flow problems. The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju's valuation after several executives and board members quit and it delayed filing its 2021/22 financial results by a year. Over the past year, shareholders including Prosus and Blackrock have successively cut Byju's valuation to $11 billion in March, $8 billion in May and $5 billion in June. It has delayed publishing its financial results, prompting auditor Deloitte and three board members quit in June. Byju's filed the delayed but incomplete financial results earlier this month, and is looking to sell off entire business lines to raise cash.

Persons: Dado Ruvic, Ervin Tu, Prosus, Byju's, Sriram, Aditya Kalra, Miral Organizations: REUTERS, Rights, Tech, Prosus NV, Prosus, Blackrock, Atlantic, Deloitte, Thomson Locations: Rights MUMBAI, Silver

☆ Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers. Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent(0700.HK) .

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Goldman Sachs, Naspers, Van Dijk's, van Dijk, Van Dijk, Prosus, Tannur Anders, Toby Sterling, Radhika Anilkumar, Sherry Jacob, Phillips, Stephen Coates, Michael Perry, Louise Heavens Organizations: REUTERS, Rights, Prosus NV, Johannesburg Stock Exchange, HK, Thomson Locations: Johannesburg, South Africa, Rights JOHANNESBURG, Prosus, Tencent, Russia, Ukraine, Amsterdam, Bengaluru

☆ Naspers/Prosus CEO steps down, M&A chief Tu takes the helm
▼ + stars: | 2023-09-18 | by ( Tosterling Tannur Anders | Tannur Anders | ) www.reuters.com time to read: +3 min

But it coincides with a restructuring in Naspers/Prosus relations, with Prosus no longer holding shares in Naspers. Analysts said he was the most likely candidate to succeed Van Dijk permanently. At 0910 GMT, Prosus shares were trading down 0.9% in Amsterdam, while Naspers' shares were 1.5% lower in Johannesburg. Tencent shares closed down 1.6% in China. Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic.

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Naspers, Prosus, Van Dijk's, Van Dijk, Koos Bekker, Tannur Anders, Promit Mukherjee, Toby Sterling, Radhika Anilkumar, Louise Heavens, Mark Potter Organizations: REUTERS, HK, Vision, Reuters, Thomson Locations: Johannesburg, South Africa, Tencent, JOHANNESBURG, AMSTERDAM, Naspers, Naspers ., Amsterdam, China, Prosus, Bengaluru

☆ Prosus CEO exit leaves Tencent elephant in room
▼ + stars: | 2023-09-18 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

REUTERS/Siphiwe Sibeko Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Bob van Dijk is passing an unsolved problem to his successor. The Tencent stake that it owns made up about 75% of the group’s $130 billion portfolio value as of Sept. 15. His workaround was to instead sell little chunks of Tencent shares, and use the proceeds to buy back Prosus stock. Still, the gap reflects shareholders’ ongoing struggles to value Prosus. Neither Prosus nor the 50-year-old van Dijk gave a reason for his exit, but the persistence of the discount won’t have helped.

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Africa’s, Van, van Dijk, It’s, Goldman Sachs, Prosus, Naspers, van Dijk’s, George Hay, Streisand Neto, Oliver Taslic Organizations: REUTERS, Reuters, Prosus, HK, Interim, Vision, Thomson Locations: Johannesburg, South Africa, Amsterdam, India, Brazil, Tencent

☆ Naspers, Prosus CEO Bob van Dijk steps down
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Dutch-listed technology investor Prosus NV and its South African parent Naspers said on Monday Bob van Dijk has stepped down as chief executive officer from both companies. Van Dijk, who has led Naspers since 2014 and Prosus since 2019, has agreed to remain as a consultant until Sept. 30, 2024, the companies said in a statement. Ervin Tu will assume the role of interim chief executive of both companies. "The group's strategic goals remain unchanged and it is on target to deliver on its commitments," the global consumer internet companies said in a statement.

Persons: Naspers, Bob van Dijk, Van Dijk, Ervin Tu Organizations: Prosus NV Locations: Prosus

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