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.