SEEK Limited
(ASX:SEK) says it has struck an agreement to boost its stake in Chinese online job site, Zhaopin as it continues to expand globally.
Under the terms of the agreement, SEEK will buy Zhaopin shares from existing shareholders to increase its interest to 72.3 per cent.
The online employment site says it will also launch an offer to acquire additional shares and attempt to increase its ownership to about 79 per cent.
The share purchase will be funded from both Zhaopin and SEEK’s cash and debt facilities.
The move comes in an effort to capitalise on growth in China.
James Packer’s Consolidated Press Holdings who has a 15 per cent stake in the Chinese company will not be taking part in the transactions.
SEEK’s full year net profit jumped by 35 per cent to $137.5 million.
