Wonder what the market will think when it finally realises the Chairman is making investments in classified property portals for his own benefit through a private vehicle, not through iProperty?
Surely from a governance perspective, iProperty should not have to compete with its own Chairman for growth assets in the region.
iProperty shareholders have missed out an opportunity with Propertyfinder in UAE from memory and now with Zameen in Pakistan. Maybe you can argue the first one isn't asia, it's middle east, but considering iProperty has Indian assets, they must consider Pakistan middle east.
Where does iProperty's geographic growth come from outside of existing markets/assets if the Chairman cherry picks all the assets? No problem if he wants to make these investments, but you can't be Chairman of iProperty at the same time, huge conflict of interest as potentially competing for the same assets.
http://www.digitalnewsasia.com/sizzle-fizzle/frontier-digital-ventures-launches-with-maiden-investment-in-pakistans-zameen
Oh yeah, didn't hear anyone point out that receipts were down last quarter and staff costs were back up...
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