KUALA LUMPUR, May 31 — PropertyGuru Group has entered into an agreement to acquire all the shares in REA Group’s operating entities in Malaysia and Thailand, which operate iProperty.com.my and Brickz.my in Malaysia as well as thinkofliving.com and Prakard.com in Thailand.
The transactions are expected to complete in July 2021.
In a statement today, PropertyGuru Group said as part of the agreement, REA Group would receive an 18 per cent equity interest in the enlarged PropertyGuru Group and appoint a board director.
PropertyGuru Group chief executive officer (CEO) and managing director Hari V. Krishnan said this acquisition is a key milestone in the company’s history and is an exciting opportunity to integrate a trusted local brand in Malaysia and demonstrated its commitment to the market.
“A key objective of the transaction is to accelerate the development of the proptech industry in Malaysia,” he said.
He said the addition of iProperty.com.my and Brickz.my would bolster PropertyGuru Malaysia’s ability to provide consumers with the most diverse digital marketplaces, together with the most comprehensive set of data, actionable insights and services to support home ownership aspirations of Malaysians.
Krishnan said PropertyGuru.com.my and iProperty.com.my are two rapidly growing and best-in-class property marketplaces in Malaysia.
“It will enable both companies to combine resources, accelerate innovation and provide enhanced digital solutions to home seekers, property agents and developers.
“It will allow the group to share the best data solutions and insights and bring transparency and access to the Malaysian property market as it continues to simplify the buying journey for home seekers,” he said.
Meanwhile, REA Group CEO Owen Wilson said, by joining PropertyGuru Group, it has created new opportunities for collaboration and access to a deeper pool of expertise, technology and investment.
“It positions these already strong brands well to accelerate the next wave of proptech innovation in South-east Asia,” he added. — Bernama
Source: Malay Mail
No comments:
Post a Comment