iCar Asia no longer Rev Asia’s associate firm

KUALA LUMPUR: Australia-listed iCar Asia Ltd, which operates an Asean  network of car classifieds and content portals, has ceased to be an associate company of Rev Asia Bhd following the completion of an underwritten placement of shares to its institutional and sophisticated investors.

In a filing with Bursa Malaysia, the digital media group said the 54.69 million placement shares were issued at 32 Australian cents today (Sept 7).
 
Following the issuance, Rev Asia’s shareholding in iCar Asia was diluted from 21.08% to about 17.28%, it said. This resulted in iCar Asia ceasing to be its associate.