iSelect increases iMoney shares, expands in SE Asia

Company News

by Kathy Skantzos

iSelect (ASX:ISU) has announced expansion into the south-east Asian market with majority interest in iMoney.

iSelect’s share in iMoney will increase to 51.5 per cent from 23.8 per cent with the purchase of US $4.15 million worth of shares from other iMoney shareholders.

The purchase price payable for the shares equate to a value of 5.9 times its 2017 financial year revenue.

After completion of this transaction, iSelect intends to invest a further US $4 million in a new capital raising in iMoney to accelerate iMoney’s growth strategy.

iMoney is expected to post a 2018 financial year loss before interest and tax in the range of US $1.2-1.7 million as it scales up profitability.

Shares in iSelect (ASX:ISU) last traded flat at $1.60.
 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?