Carsales acquires further 3% in iCar Asia

Company News

Carsales.com Limited (ASX:CRZ) announced that it has agreed to acquire a further 3 per cent stake in iCar Asia, lifting its total holding in the leading ASEAN online car network to 22.9 per cent. 
 
The sale, expected to complete today, sees carsales grow its position in the lucrative Asian market. iCar Asia has a similar business model to carsales with websites in Thailand, Indonesia and Malaysia reaching more that 4.5 million unique visitors every month. 
 
The $7.2 million acquisition represents carsales 'maximum permitted creep' under Section 611 of the Corporations act.
Shares in Carsales.com closed 0.57% higher at $10.57 yesterday.
 
The online car company reported a net profit after tax of nearly $44 million for the half year ending December 31, 2013. 
 
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.