February 19, 2014 / 1:50 AM / in 4 years

CORRECTED-Australia's Seek to buy online ops of Malaysia's Jobstreet for $524 mln

(Corrects headline, first and second paragraphs to show Seek is buying Jobstreet’s online employment businesses and not the whole company)

KUALA LUMPUR, Feb 19 (Reuters) - 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 percent.

$1 = 3.3035 Malaysian ringgit Reporting by Yantoultra Ngui; Editing by Christopher Cushing

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