iProperty Group (IPP) the owner of Asia’s No. 1 network of property portal sites under the iProperty brand (www.iproperty.com), announced that it had agreed to the sale of its Indonesia cars portal ‘mobil123.com’ to iCar Asia Pte Ltd, a wholly owned subsidiary of iCar Asia Ltd and part of the Catcha Group. mobil123.com was acquired by iProperty Group as part of the purchase of PT Web Marketing, owner and operator of rumah123.com, Indonesia’s leading property
portal. The sale price for the assets and business of mobil123.com is a maximum amount of AUD3mill, of which either AUD2.1mill in cash would be paid by instalments over five years following completion of the sale, or in the event of a liquidity event with respect to the purchaser of the assets and business occurring within five years of completion, AUD1mill in cash plus an equity interest in the purchaser of the equivalent of AUD2mill.
iProperty Group CEO Shaun Di Gregorio commented: “Our core business is online property portals and we acquired mobil123.com as part of the acquisition of rumah123.com. We are focused on continuing to develop rumah123.com as the clear market leader in Indonesia and the sale of mobil123.com to iCar Asia Pte Ltd further enhances our focus on that goal. At the same time mobil123.com will get the clear focus it deserves and be part of a larger entity in the autos vertical space. It is a good outcome for all concerned”.
iProperty Group and iCar Asia Pte Ltd will work cooperatively at an operational level to ensure the smooth transition of the business and its continued success. It is envisaged that both parties will engage in cooperative promotion and marketing of the brands and sharing of key resources including tenancy.
Listed on the Australian Securities Exchange, iProperty Group formerly known as iProperty Group Limited (IPP) owns Asia’s leading network of property websites under the iProperty.com umbrella brand. The Company is focused on developing and operating Internet-based real estate portals with other complementary offerings in Asian markets. It currently operates consumer and business online property portals in the markets of Singapore, Malaysia, Hong Kong, and Indonesia with investments in India and the Philippines. With further expansion planned, IPGA is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region.
Tags: Asset Sale, IPP, iProperty Group, Online retail, Online services
