Prosus considers sale of automotive classified advertising business

FILE PHOTO: Prosus' logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

AMSTERDAM (Reuters) -Technology investor Prosus is considering a sale of its OLX Autos classified advertising business, the company said on Thursday.

Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a "significant and persistent slowdown" owing to weakening economic growth and high inflation.