Posted on May 4th, 2016
3 May, 2016 – iCar Asia Limited (‘iCar Asia’ or the ‘Company’), owner of ASEAN’s number 1 network of automotive portals today announced that it has signed an extension to its strategic relationship agreement with carsales.com Limited (ASX: CAR).
The Company and carsales will continue to share knowledge and expertise to help develop the iCar business, while carsales will seek to retain its top-up right that allows it to maintain its holding in iCar. The agreement also sees an extension of data-sharing with carsales’ Redbook business to further monetise automotive data in the region. The extension is subject to granting of an ASX-waiver enabling the continuation of carsales’ share top-up right. iCar Asia Chairman,
Patrick Grove said: “We are very pleased to extend and deepen the Company’s strong working relationship with carsales. It is validation of iCar’s strong performance over the last 3 years. As a world-leader in automotive classifieds, carsales’ support will enable iCar Asia to accelerate its growth in ASEAN’s three largest automotive markets.”
Key commercial terms:
For more information please contact:
Chief Executive Officer
iCar Asia Ltd
Mobile: +60 17 473 3778
iCar Asia Ltd
Tel: +613 8689 9997
Listed on the Australian Securities Exchange, iCar Asia (ASX:ICQ) owns and operates ASEAN’s No. 1 network of automotive portals. Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand. iCar Asia is continuously working to capitalize on its market-leading positions, with its online properties currently reaching over 4.8 million car buyers and sellers in the region every month.