iCar Asia Limited (ASX:ICQ) has announced its Strategic Relationship Agreement with carsales.com Limited (ASX:CAR) is now in effect.
The announcement follows the granting of a waiver by the ASX permitting iCar Asia to grant a share top-up right to carsales.com.
The top-up right will lapse on 29 April 2019, or earlier in the event carsales’ shareholding exceeds 25 percent or falls below 15 percent, or if the agreement between the two companies is terminated.
The strategic relationship between the two companies will see carsales.com help develop the Asian car portal with its highly successful technology and IP.
iCar Asia Limited reported a net loss of $12.5 million at 31 December 2015.
