Seek lifts stake in JobStreet
SEEK Limited (SEK) said it has increased its stake Malaysian based provider of employment websites JobStreet Corporation Berhad from 10.1% to 21.3% after paying a consideration of $23.5 million. The company said JobStreet has strong market positions in Malaysia, Singapore and the Philippines, as well as a significant shareholding in the leading Taiwanese online employment provider 104 Corporation.
Seek said it has received the cooperation of Jobstreet’s founders and management team who collectively are also substantial shareholders in Jobstreet.
As part of this transaction, Seek said these shareholders have sold it a 5.6% stake in Jobstreet.
CEO, Andrew Bassat, said the company was impressed with the strong results JobStreet has delivered since its initial acquisition.
“In a rapidly growing regional economy still in the early stages of online migration, we are confident of Jobstreet’s prospects and ability to increase market share,” Mr Bassat said.
“We also believe we can make a significant contribution to Jobstreet by providing strategic support and sharing expertise across the operations.”
At the close of trade Tuesday, Seek shares were trading at $7.55.
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