16 April 2009 – Classified Ad Ventures, through its investment vehicle CAV Investment Holdings Pty Ltd, announced today that it has subscribed to a placement of 5,000,000 shares in IPGA Ltd (ASX:IPP). This represents just over 4% of the enlarged capital of IPGA, owner of Asia’s No. 1 network of property websites (
ASX/MEDIA RELEASE Classified Ad Ventures Takes Placement in IPGA Ltd www.iproperty.com). The placement, at a price of $0.10 per share, represents the first direct investment received by IPGA since its listing on the ASX in September 2007 and is a strong endorsement of the potential of IPGA's network of market leading property portals in Asia.
Simon Baker, the former Chief Executive Officer of the REA Group Ltd (formerly realestate.com.au Ltd) is the CEO and founder of Classified Ad Ventures. Mr. Baker is widely recognised as a preeminent global expert in the online classifieds industry. The placement in IPGA is the sixth strategic investment made by Classified Ad Ventures.
Patrick Grove, Executive Chairman of IPGA said, “Mr. Baker did an extraordinary job taking the REA Group from $4 million to $155 million in revenue within 7 years, and we are excited that like us he sees great parallels between the growth and success of REA Group and the opportunity that IPGA presents.”
“IPGA’s network of online property portals has delivered fantastic growth over the last 12 months securing and maintaining a market-leading position in each of the markets in which it operates. We believe the company has great potential especially given the early stage of the online property classifieds space in Asia. Given IPGA's great start, we believe that the company will capitalise on the continued growth of the internet and online property marketing in the region,” says Simon Baker, Chief Executive Officer of Classified Ad Ventures.
IPGA Ltd owns and operates a leading network of property portals in key Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, India and the Philippines, under the iProperty.com brand. It has over 1 million monthly visitors, 90,000 registered members and an average of more than 200,000 property listings available on its network daily. Over 5,500 real estate agents and developers utilise the network of portals
About Classified Ad Ventures Pty Ltd (www.classifiedadventures.com)
Classified Ad Ventures was established in 2008 by Simon Baker, the former CEO and Managing Director of the REA Group Ltd (formerly realestate.com.au Ltd). The company serves the global online classifieds business by providing consulting services, developing new products and services in its incubator, and investing in opportunities through CAV Investment Holdings Pty Ltd. Current investments include ArtsHub.com.au (Australia), RedBubble.com (Australia), Homethinking.com (USA), TokyoApartment.com (Japan), and SportsPassion.com (Australia).
About IPGA Limited (www.ipgalimited.com)
Listed on the Australian Securities Exchange, IPGA Limited (ASX:IPP) owns Asia’s leading network of property websites under the iProperty.com umbrella brand. The Company is focused on developing and operating Internet-based real estate portals with other complementary offerings in Asian markets. It currently operates consumer and business online property portals in the markets of Singapore, Malaysia, Hong Kong, Taiwan, India, and the Philippines. With further expansion planned, IPGA is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region. In 2008, the Group made history by winning the highly prestigious CNBC Asia Pacific Property Awards in the “Best Property Portal” category for 4 of its websites – Singapore, Malaysia, Hong Kong and Philippines.
IPGA Network of websites:
Malaysia: iProperty.com Malaysia
Singapore: iProperty.com Singapore
Hong Kong: GoHome.com.hk and House18.com
Taiwan: VRHOUSE.com.tw
India: iProperty.com India
Philippines: iProperty.com Philippines
Events: iProperty.com EXPO
Luxury: iLuxuryasia.com
For more information, please contact:
Patrick Grove
Executive Chairman
IPGA Ltd
Mobile: (60) 12 269 4977 / (65) 96690369
Email: pg@iproperty.com
Simon Baker
Chief Executive Officer
Classified Ad Ventures Pty Ltd
Mobile: +61 402 045 166
Email: sbaker@classifiedadventures.com
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