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Very interesting, thanks for inserting the clarifying article....

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VMG70

1,241 Posts.

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29/09/20

01:07

Post #: 47692622
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Originally posted by TradieToTrader: ↑

The DealStreetAsia article below, basically sounds like Catcha Group potentially looking to sell stake to the highest bidder.

Malaysia's iCar Asia said to be in the market seeking buyers
Australian Securities Exchange-listed car marketplace iCar Asia is in the market seeking buyers for the company, according to multiple sources aware of the development.
Two industry sources told DealStreetAsia that iCar Asia’s CEO Hamish Stone, its board director and investor Catcha Group’s Patrick Grove, and bankers representing the company have been floating the deal to potential buyers in recent months.
Talks, however, are at a very preliminary stage.
Its Southeast Asian competitors Carro and Carsome are also understood to have been approached by iCar Asia but it is not known how far their discussions have progressed or whether they have borne any fruit.
iCar Asia’s market cap of A$133.7 million or $97.4 million (as of 11 Sept 2020) could mean that private equity firms with deeper pools of capital will make likelier dealmakers for the company.
An email sent to iCar Asia’s Stone did not elicit any response, while Catcha Group’s Grove rejected any notion of a potential sale by iCar Asia’s shareholders. “There is no intention by major shareholders to sell the business. On the contrary, iCar Asia is chasing acquisitions and looking to acquire other car portals throughout Southeast Asia.” He said in an email response to DealStreetAsia’s query.
He added that iCar Asia has been approached by interest buyers “ever couple of months” even though it has no intention of selling.
Catcha Group held a 10.9 per cent stake in iCar Asia as of the end-2019, according to iCar’s annual financial report. Its largest shareholder is ICQ Holdings Berhad, a Malaysian entity with former links to Rev Asia Berhad, another Catcha Group-backed entity. RevAsia Berhad no longer holds any shares in ICQ Holdings according to Grove.
This is not the first time that iCar’s shareholders have tried to exit the firm according to a separate source.
Australian car classifieds platform Carsales.com attempted a similar buyout around five years ago but failed to reach an agreement on the price and terms. Carsales is still an iCar Asia shareholder with 11.87 per cent stake, making it iCar’s second largest shareholder as of end-2019.
iCar Asia is one of Southeast Asia’s earliest internet-backed companies, co-founded by Catcha Group’s Grove.
Since its ASX listing in 2012, the company has grown its portfolio of automotive brands across three markets including One2Car, Thaicar.com & Autospin.com in Thailand, Carlist.my & Livelifedrive in Malaysia and Mobil123.com and OTO Spirit in Indonesia. Late last year, it made headlines when it completed its $3 million acquisition of Carmudi Indonesia.

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Very interesting, thanks for inserting the clarifying article. ICQ could be worth holding for some time, there could be a big success story here, hope I live to see it Strange really that I invested in this company's shares as I don't drive these days, lost enjoyment of it some time ago for some reason or some reasons which aren't relevant here.

Last edited by VMG70: 29/09/20

ICQ Price at posting: 33.0¢ Sentiment: None Disclosure: Held
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