iCar Asia Ltd To Acquire DQBP Sdn Bhd

iCar Asia Ltd announced that it has entered into an agreement to acquire DQBP Sdn Bhd, owner and operator of LiveLifeDrive.com, Malaysia’s automotive Website. The consideration for the purchase is up to MYR 6.5 million (AUD 2 million). The first MYR 1.7 million (AUD 0.53 million) is payable on completion of a Sale and Purchase Agreement and will be comprised of MYR 0.60 million (AUD 0.19 million) cash and MYR 1.1 million (AUD 0.34 million) in iCar Asia shares. A further MYR 1.8 million (AUD 0.54 million) will be payable 18 months from that date in equal parts cash and iCar Asia shares. The balance potential MYR 3 million (AUD 0.93 million) relates to non-guaranteed, performance-based payments and would be split evenly between cash and shares.