KUALA LUMPUR, 20 July 2022: Catcha Digital Berhad (formerly known as Rev Asia Berhad) (Company, Catcha Digital), the Bursa Malaysia listed entity controlled by internet entrepreneur Patrick Grove, today announced it has received shareholders approval for its Regularisation Plan. Upon the completion of the Regularisation Plan, the Company will have its GN2 status lifted and will begin to execute its strategic plan in the digital and technology industry in Southeast Asia.
We are very glad to have received tremendous support from our shareholders who share the same vision as us, which is for Catcha Digital to be a leading force in digital and technology industry in Southeast Asia, said Patrick Grove, Director of Catcha Digital.
The Regularisation Plan will involve the acquisition of the entire equity interest of iMedia Asia Sdn Bhd (iMedia), an integrated digital media solution provider, with approximately 12.7 million users visiting its websites and social media platforms in June 2022. iMedia Group recorded more than 100% year-on-year growth of its PBT from FYE2019 to FY2021. Catcha Digital expects this growth to continue through FY2022.
The shareholders have also approved the Companys plan to launch a rights issue which may raise up to RM41.04 million (based on an indicative issue price of RM0.235 per Rights Share) to settle First Hurdle Payment and Second Hurdle Payment and working capital. The Company has secured the undertaking for the rights issue from its major shareholder, Catcha Group, which will see the Company raise a minimum of RM18.0 million.
Catcha Digital is well-placed to ride the fast-growing digital wave, with strong pipeline of value accretive M&A opportunities which the Company and iMedia Group can tap onto to achieve our vision, added Grove.