IPGA, the parent company of the iproperty.com group of property portals, has announced it has successfully closed its rights issue.
The company says it raised approximately AUD$2.53 million before costs. "These new funds will be used to rapidly drive sales and marketing in its three core markets of Malaysia, Singapore and Hong Kong," a statement explains.
IPGA operates portals in Singapore, Malaysia, and Hong Kong and has investments in India and the Philippines. The company recently announced revenues of $4.05 million and a loss of $1.32 million from continuing operations for the full year 2009.
Disclosure: Classified Ad Ventures, the owner of propertyportalwatch.com, also owns a stake in IPGA.