Australia’s Seek in RM1.7b swoop for Jobstreet’s online ops

Seek Ltd plans to merge Jobstreet with fellow Southeast Asian recruitment site JobsDB, in which Seek bought the remaining interest less than a year ago. — file pic. — AFP pic
Seek Ltd plans to merge Jobstreet with fellow Southeast Asian recruitment site JobsDB, in which Seek bought the remaining interest less than a year ago. — file pic. — AFP pic

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KUALA LUMPUR, Feb 19 — Seek Ltd, which runs Australia’s biggest online job ads site by number of clicks, today said it will buy the remaining shares it does not own of Malaysian associate Jobstreet Corp Bhd for RM1.73 billion.

Seek, which has been expanding to countries ranging from Singapore to China, plans to merge Jobstreet with fellow Southeast Asian recruitment site JobsDB, in which Seek bought the remaining interest less than a year ago.

“This transaction is a continuation of Seek’s focus in Asia,” Seek co-founder and chief executive Andrew Bassat said in a statement to the Australian stock exchange.

“In the near term, we expect revenue residing in Asia to comprise over 50 per cent of Seek’s overall revenue which further cements Seek as a global leader in online employment.”

Seek said its latest purchase is subject to approval by regulators in Singapore as well as Jobstreet shareholders.

Trading of Jobstreet shares was suspended today pending an announcement. The stock last closed at RM2.68.

Shares of Seek were 17 per cent higher today compared with the benchmark which was up about 0.4 per cent. — Reuters

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