PETALING JAYA: Rev Asia Bhd is eyeing to establish a new business division in technology media after the completion of its sale and purchase agreement (SPA) with Media Prima Digital Sdn Bhd (MPDSB).
“We have various strategies and plans to expand our business goals. We will identify the business opportunities within two to three months after the completion of SPA by the third-quarter this year,” Rev Asia chairman Datuk Larry Gan Nyap Liou said after the company’s shareholders’ meeting in Petaling Jaya.
He said Rev Asia would have a remaining accumulated balance of just under RM10 million after a dividend disbursement totalling RM59 million to its entitled shareholders.
MPDSB, an indirect wholly-owned subsidiary of Media Prima Bhd, is buying Rev Asia Holdings Sdn Bhd for RM105 million.
Rev Asia’s portion of the shares being bought amounts to 70 per cent for a cash consideration of RM73.5 million.
The remaining 30 per cent stake in Rev Asia Holdings, owned by Youth Asia Sdn Bhd (YASB), will be disposed for RM31.5 million cash.
Rev Asia said the disposal consideration was arrived at on a ‘willing buyer willing seller’ basis and after taking into consideration the enterprise value (EV) to earnings before interest, tax, depreciation and amortisation (EBITDA) ratio of about 21.52 times.