Malaysia’s Frontier Digital Ventures raising $10.9m via entitlement offer

Kuala Lumpur, Malaysia. Photo: Pixabay

By Juliet Shwe Gaung

May 31, 2018

Australian Stock Exchange-listed Frontier Digital Ventures Ltd (FDV), a leading operator of online classified businesses across emerging markets, has raised A$11.2 million ($8.4 million) through an institutional entitlement offer. It is set to raise an additional A$3.2 million ($2.4 million) via a fully underwritten retail entitlement offer scheduled to open on May 31.

The oversubscribed institutional offer saw new and existing investors buy new fully paid ordinary shares at A$0.65 ($0.48) apiece.

“The success of the institutional component of the entitlement offer is a clear vote of confidence in FDV’s team and business model from the institutional and sophisticated investor community,” said FDV founder and CEO Shaun Di Gregorio.

In the upcoming retail offer, entitled retail shareholders from Australia or New Zealand will be able to subscribe for 1 new share for every 10 paid ordinary shares in FDV at A$0.65 per share ($0.48).

FDV holds stakes in 15 online classifieds operating companies across the property, automotive and general classified verticals. The company aims to plough back proceeds from the entitlement offers into its businesses.

“We are focused on efficiently deploying the capital raising proceeds towards increasing our ownership in existing tier 1 operating companies and accelerating their development,” said Gregorio.

FDV’s portfolio companies include iMyanmarHouse and CarsDB in Myanmar, Propzy in Vietnam and Hoppler in the Philippines.

Bell Potter Securities Ltd and Morgans Corporate Ltd acted as the underwriters for the institutional entitlement offer.

Also Read:

Malaysia’s Frontier Digital Ventures backs Philippine property portal Hoppler

ASX-listed FDV invests $952K in Uruguay property portal Infocasas

Malaysia: Frontier Digital invests $3.5m in classified portals AutoDeal, Propzy

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW