The Board of Directors of REV ASIA BERHAD (Formerly known as Catcha Media Berhad) (“Rev Asia” or the “Company”) today provided an update with regards the proposed disposal by the Company of up to 52,500,000 iCar Asia Limited (“iCar Asia”) Shares (the “iCar Asia Shares”), representing 27.20% of the total issued and paid up share capital of iCar Asia.
On 15 October 2014 the shareholders of the Company authorised the Board of Directors to, within a 1 year period, dispose of up to 52,500,000 iCar Asia Shares at a disposal price to be determined at a later date based on a willing buyer-willing seller basis, with such number of iCar Asia Shares to be disposed to be determined by the Board of Directors subject to, amongst others, the prevailing market conditions and the continuing performance of iCar Asia.
At a meeting of the Board of Directors held on 28 April 2015, subsequent to a presentation by the management of iCar Asia, the Board unanimously agreed not to actively pursue the currently mandated proposed disposal of iCar Asia Shares, as:
a) The Board was impressed by the operating progress the iCar Asia business has made in the previous 6 months and believes the long term prospects of the business are strong; and
b) iCar Asia has demonstrated clear market leadership positions in each of its markets of operation (Malaysia, Thailand and Indonesia) and its key operating metrics continue to grow at a very rapid rate.
The Board does not consider it in the best interests of shareholders to dispose of the iCar Asia Shares at this time given the Board’s current understanding of the prospects of the iCar Asia business and its continuing operating performance.
As a result, the Board will not engage in any further discussions or negotiations with regards the sale of iCar Asia Shares whatsoever prior to the expiration of the shareholder mandate to explore any such disposal on 14 October 2015.
Rev Asia looks forward to being a supportive shareholder of iCar Asia going forward and remains excited by its prospects.
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