PROSY Stock Recent News

Europe-listed Prosus, which has long used dividends from the Chinese gaming giant to fund expensive bets, is moving more aggressively to stem losses.

Barclays PLC BCS, +1.45% , Citibank Inc. C, +0.78% and Deutsche Bank AG DB, +0.31% lost money in currency hedges issued to Prosus after its acquisition of India-based payments company BillDesk fell through, The Wall Street Journal reported Wednesday. Prosus bought derivatives to protect against currency swings for the roughly $4.7 billion deal, but its bid for BillDesk expired last month.

European shares rose on Monday, driven by hopes that the Federal Reserve could slow its pace of interest rate hikes, while investors braced for a busy week of earnings and a key interest rate decision from the European Central Bank.

Technology investor Prosus NV has "terminated" a $4.7 billion deal to buy payments platform BillDesk, it said on Monday, adding that conditions had not been met.

Prosus ( XAMS:PRX , Financial) (Netherlands), a global internet and technology company, was a top contributor to the Fund's performance for the quarter. Prosus outperformed as a result of strong relative performance from its major holding, Tencent.

Prosus stock soared after announcing an open-ended buyback program to close the discount to NAV. The discount gap already narrowed from 61% to a 44% discount to NAV.

Shares of holding company Prosus PRX, +14.74% surged 15% in Amsterdam trade after announcing a stock buyback program funded by the sale of Tencent 700, -1.56% shares and saying it sold its entire JD.com JD, +3.41% stake for $3.7 billion. Prosus and parent Naspers say that if the stock buyback plan had been in existence over the past three months, the resulting Tencent shares would averaged between 3% and 5% of average daily traded volumes.

Dutch technology investor Prosus NV on Monday announced it will gradually sell down its massive stake in Tencent, reversing a pledge to retain the holding for a couple of years and knocking shares in the Chinese tech giant.

Shares of Tencent Holdings Ltd gave up morning gains to fall as much as 2.5% to HK$374.60 in the early afternoon, after Prosus and Napsers said they would gradually sell shares.

Coinbase has hired Arnab Kumar, former executive at Prosus Ventures, in the latest push to relaunch its eponymous cryptocurrency exchange in India. Kumar, who has previously also worked at influential think tank Niti Aayog and Deutsche Bank, is joining the exchange as director of India market expansion, a spokesperson said in an email.