Rev Asia submits regularisation plan, to propose buying iMedia Asia

by NUR HAZIQAH A MALEK/ pic by RAZAK GHAZALI

Rev Asia Bhd has submitted a regularisation plan which includes its proposed acquisition of iMedia Asia Sdn Bhd and its subsidiaries to Bursa Malaysia.

Rev Asia chairman Datuk Larry Gan said iMedia is expected to enjoy the tailwind coming from a permanent and massive digital adoption uplift in terms of business practices and consumer consumption that was accelerated by the Covid-19 pandemic.

“We are extremely excited in taking the first step in working together with the team at iMedia to build a digital media leader again, not just in Malaysia, but in the region,” he said.

Rev Asia major shareholder and director Patrick Grove said for the past one year of working with iMedia CEO Tze Khay and the rest of its team again, the group has closed five acquisitions and multiple partnerships including with major over-the-top (OTT) platforms in the country.

“We are now even more confident about the growth of the business and that it would align with the shareholders’ goals for Rev Asia to become a digital media giant,” he said.

Following the participation, iMedia will have access to the capital markets and liquidity to accelerate its acquisition and growth plans with a focus on profitability.

Its clients include some of the largest companies in the region and major global brands, including Shopee, Foodpanda, Huawei, McDonalds and iMedia has also inked partnerships with OTT platforms namely Viu, Tencent-owned WeTV and iflix to expand its video advertising solutions networks.

The acquisition has a purchase consideration of RM10 million, which will be satisfied fully in issuance of new ordinary Rev Asia shares upon completion, and followed up to additional RM30 million to be satisfied in issuance of additional Rev Asia shares if iMedia Group’s audited net profit after tax achieves its target of RM3 million for the financial year ending 2021.