(Corrects headline, first and second paragraphs to show Seek is
buying Jobstreet's online employment businesses and not the
KUALA LUMPUR Feb 19 Seek Ltd, which
runs Australia's biggest online job ads site by number of
clicks, on Wednesday said it will buy the online employment
businesses of Malaysian associate Jobstreet Corp Bhd
for 1.73 billion ringgit ($523.69 million).
Seek, which has been expanding to countries ranging from
Singapore to China, plans to merge Jobstreet's businesses with
fellow Southeast Asian recruitment site JobsDB, in which Seek
increased its 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 percent 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 on Wednesday
pending an announcement. The stock last closed at 2.68 ringgit.
Shares of Seek were 18.6 percent higher around 0356 GMT
compared with the benchmark which was up about 0.14
($1 = 3.3035 Malaysian ringgit)
(Reporting by Yantoultra Ngui; Editing by Christopher Cushing)