Online classified business, Frontier Digital Ventures Limited (ASX:FDV) completed the purchase of 3 online property classified portals in Africa.
The company will pay US$500,000 to Jumia, which is a online classified group in Africa.
Frontier will sell Afribaba and merge all traffic, listings, agents, advertisers and revenues onto the existing portals.
The company says the transaction strengthens its portfolio and will create 3 new market leading investments, with privileged access to corporate opportunities and value for shareholders.
Shares in Frontier Digital Ventures Limited (ASX:FDV) are trading flat at 65 cents.