iProperty Group Ltd (ASX: IPP), the owner of Asia’s No. 1 network of property portal sites under the iProperty brand, today announced that it had added approximately A$7m to its cash reserves. This additional cash was realised by way of its disposal of its equity holding in iCar Asia (ASX: ICQ). The equity holding in iCar Asia was part of the consideration paid to iProperty Group by iCar Asia when iProperty Group sold the Indonesian automotive classified website ‘Mobil123.com’ to iCar Asia.
iProperty Group was a strong supporter of iCar Asia as a foundation shareholder. The sale of the equity stake significantly strengthens iProperty Group’s already strong balance sheet and provides the Group with the readiness and capacity to continue to explore opportunities in the region.
iProperty Group CEO, Shaun Di Gregorio commented, “We continue to make significant progress in our core markets, particularly in this second half of the year. Further strengthening our balance sheet places us in an even stronger position.”
Source: iProperty Group Ltd