iCar Asia Limited (ASX:ICQ) has expanded into Thailand with a $16.7 million acquisition, completed a placement and announced a share purchase plan. The network of automotive portals has bought One2car.com Co. Ltd, who are the owner of Thailand’s largest automotive classifieds site by the same name.
iCar Asia plans to fund the acquisition through the $21 million placement which was completed yesterday.
The company will also give eligible shareholders the opportunity to participate in a share purchase plan to raise about $4 million.
iCar Asia will combine one2car.com with its existing site in Thailand and has described the deal as a game-changing acquisition.
iCar Asia reported a net loss of $6 million in the first half of the current 2014 calendar year.
