iCar Asia Ltd (ASX:ICQ) is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand.
iCar Asia (ASX: ICQ) has secured a $13.4 million investment from carsales.com (ASX: CRZ).
The companies will form a strategic relationship and a carsales representative will join the iCar Asia Board.
carsales will subscribe for shares at a price of $0.375 per share, equating to a total consideration of approximately A$13.4m. iCar Asia last traded at $0.30.
All proceeds will remain in the iCar Asia business.
iCar Asia owns and operates a network of online automotive sites in ASEAN with operations in Thailand, Malaysia and Indonesia reportedly reaching 1.5 million people every month.
Brands include Thaicar.com and Autospinn.com in Thailand, Carlist.my and LiveLifeDrive.com in Malaysia and Mobil123.com in Indonesia.
iCar Asia Chairman, Patrick Grove said he was looking forward to working with the carsales team to continue to accelerate iCar Asia’s growth.
The deal is subject to iCar Asia shareholder approval as well as having a number of conditions.
iCar Asia has a market cap. of about $16 million while carsales.com has a market cap of around $2.1 billion.
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