Catcha Media to take 75pc stake in iCar (0173)

Catcha Media Bhd plans to dispose of its 50 per cent stake in Auto Discounts Sdn Bhd (ADSB) in return for a 75 per cent
stake in Australian company, iCar Asia Ltd.

ADSB is the owner-operator of Malaysia's leading dedicated car classifieds website, Carlist.my and the business of Evo Magazine.

In a statement today, Catcha Media said upon completion of its proposed acquisitions, iCar Asia would own Carlist.my and Evo Magazine in Malaysia, Autospinn.com in Thailand and Mobil123.com in Indonesia.

iCar Asia has signed agreements to acquire car classifieds and content websites in Malaysia, Thailand and Indonesia to create a group of companies that would seek listing on the Australian Securities Exchange, it said.

Catcha Media chief executive officer, Patrick Grove, said iCar Asia presented a unique opportunity to own a controlling stake in a leading online car classifieds business in Asean.

"There are currently no other regional players in a very exciting space," he said.

The acquisition of this controlling stake would continue Catcha Media's pursuit of its vision to become Asean's leading new media group, he said. -- BERNAMA