Catcha Media sees RM25m reduction in target from online media biz

by **hlk** Thu 11 Aug 2011, 20:21

KUALA LUMPUR: Catcha Media Bhd forecasts for outstanding commercial targets of the online media business from 2011 to 2014 in its prospectus will be reduced by about RM25 million.

Catcha Media said on Thursday, Aug 11 this followed amendments to the strategic alliances made on Wednesday between the company, its subsidiaries, its holding company Catcha Group Singapore and Microsoft.

These amendments would affected the March 23, 2009 strategic alliance and the amended strategic alliance agreements dated July 1, 2010 and Aug 16, 2010 as set out in section 6.14(c) of the prospectus.

“In addition, the outstanding commercial targets of the online media business from the year 2011 to 2014 as set out in section 4.2.4 of the prospectus will be reduced by an aggregate of approximately RM25 million,” it said.

The amendments on Wednesday resulted in the removal of:

1) Microsoft continuing to invest in content acquisition for Malaysia and development and marketing campaigns for the Microsoft’s Online PROPERTIES [] in Malaysia;

2) Catcha Digital (M) obtaining commercial general liability insurance that names Microsoft, its subsidiaries and their respective directors, officers and employees as insureds;

3) Catcha Media Holdings granting Microsoft an option to acquire an equity interest in Catcha Digital (S) subject to option agreement dated March 23, 2009;

4) Catcha Media Holdings and/or Catcha Digital (S) granting Microsoft a right of first offer and right of first refusal in relation to the sale of assets and equity in Catcha Media Holdings and Catcha Digital (S)