Malaysia's JobStreet To Be Sold For RM1.73 Billion
JobStreet Corp, an online recruitment portal that is so familiar to many job-seeking Malaysians, will soon be sold to an Australian company.
By Mei Mei Chu — 20 Feb 2014, 04:48 PM — Updated over 10 years ago
Malaysian Recruitment Portal JobStreet Corp Bhd Will Be Acquired By Australia's SEEK For RM1.73 Billion
KUALA LUMPUR: Australian-listed Seek Ltd has announced that it will acquire 78% equity in Malaysian recruitment portal JobStreet Corp Bhd for RM1.73 billion.
Malaysian Recruitment Portal JobStreet Corp Bhd Will Be Acquired By Australia's SEEK For RM1.73 Billion
Image via jobstreet.com.phSEEK Will Fully Buy Over The Remaining 78% Of JobStreet Corporation Bhd Share That It Does Not Own Yet
Australia's biggest online job ads company said its majority-owned subsidiary Seek Asia would acquire the 78% of the JobStreet business it doesn't already own. The deal is subject to regulatory approvals in Singapore and shareholder approvals. JobStreet operates in Malaysia, Singapore, Indonesia and Vietnam.
wsj.comSEEK Will Combine JobStreet With JobsDB To Create A Compelling Online Employment Marketplace In Asia
"This acquisition is a continuation of SEEK's expansion in the strategic and high growth Asian region," it said. However, the acquisition was subject to regulatory approval in Singapore & Jobstreet shareholder approval.
SeekAsia said the combination of JobStreet and JobsDB "will unlock large growth opportunities".
thestar.com.mySeek said it will combine JobStreet with its other majority-owned online business, JobsDB, to create a compelling online employment marketplace in Asia.
When Contacted, Jobstreet Founder And CEO Mark Chang Says He Could Not Comment On The Matter Yet
When contacted by Digital News Asia, JobStreet founder and chief executive officer Mark Chang said he was not at liberty to speak to the press right now. “I started with RM60,000 in capital, and with a lot of help from everyone – and a bit of humility – have built a company worth more than RM2 billion,” he said, adding that he hoped this would serve to inspire other entrepreneurs to achieve the same.
thestar.com.my
When Contacted, Jobstreet Founder And CEO Mark Chang Says He Could Not Comment On The Matter Yet
Image via blogspot.comJobStreet Is An Online Recruitment Portal That Was Founded In Malaysia In 1997
JobStreet.com is a job portal founded in 1997. Founded in Malaysia, it has expanded its operations to Singapore, Philippines, India, Bangladesh, Japan, Thailand and Vietnam, and is now Southeast Asia's largest online employment company, according to Forbes.
JobStreet founder and CEO Mark Chang began the company in 1997 with RM60,000 capital and is believed to have held 10.5% stake in the company prior to the announcement.
The company was listed on Bursa Malaysia in 2004, and passed the RM1 billion marketcapitalisation mark in April last year when its shares reached RM3.30. Shares of Job- Street were at RM2.68 before it was suspended on Feb 18.
SEEK Runs Australia's And New Zealand's Largest Employment Website
Seek runs Australia and New Zealand's biggest employment websites by number of clicks, and has been expanding offshore to countries such as China where more employers are using the Internet to reach out to job seekers.
wsj.comSEEK is Australia's number one jobs site. SEEK has evolved from being a domestic online employment classifieds business, to the largest global online marketplace, operating in twelve countries. Our reach covers Australia, New Zealand, China, Brazil, Mexico, West Africa, Nigeria, Hong Kong, Indonesia, Philippines, Singapore and Thailand.