Saturday June 30, 2012
Catcha Media to acquire Aussie firm
PETALING JAYA: Catcha Media Bhd has proposed to take control of Australian company iCar Asia Ltd, which has entered into agreements to acquire car classifieds and content websites in Malaysia, Thailand and Indonesia.
The deal would see Catcha Media dispose of its 50% stake in Auto Discounts Sdn Bhd (ADSB), in return for a 75% stake in iCar Asia which would eventually seek a listing on the ASX (Australian Securities Exchange).
ADSB operates and owns used car trading website www.carlist.my.
Proposed acquisitions by iCar Asia also include monthly motoring magazine Malaysian Evo from Catcha Lifestyle Publications Sdn Bhd which is a wholly-owned subsidiary of Catcha Media as well as the websites www.autospinn.com in Thailand and www.mobil123.com in Indonesia.
It should be noted that iCar Asia is a special-purpose vehicle held by Catcha Group Pte Ltd, which is Catcha Media's major shareholder.
Catcha Media told Bursa Malaysia that once iCar Asia was listed on the ASX, its 75% shareholding in iCar Asia was expected to be diluted to 40%.
Catcha Media chief executive officer Patrick Grove said iCar Asia represented a unique opportunity to own a controlling stake in a leading online car classifieds business in the Asean region.
“There are currently no other regional players in a very exciting space. iCar Asia is positioned to capitalise on the tremendous growth forecast by Frost & Sullivan to occur in online automotive advertising in the region,” he said in a statement.