iProperty Group Limited
(ASX:IPP) has sought to consolidate its position in the Thai market with the acquisition of real estate portal, Prakard.com.
iProperty Group has announced it has signed a binding agreement to acquire Prakard.com for a total purchase price of approximately $2.7 million.
The move comes 6 months after iProperty Group entered the Thai property portal market via the acquisition of ThinkOfLiving.com in April this year.
The acquisition will be paid in 2 tranches and will be funded from existing cash reserves and cash flow. The agreement is expected to be complete within the next 2 months.
iProperty Group recorded a net loss of $1.55 million for the first half of 2015.
