JobStreet subscribes for stake in Recruit Holdings Ltd

JobStreet is going aggressive regionally!

Quoting from The Edge

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11-04-2008: JobStreet subscribes for stake in HK advertising firm

KUALA LUMPUR: JobStreet Corporation Bhd is subscribing for a 8.64% stake or 26.25 million shares of HK$0.20 each in Recruit Holdings Ltd (RHL) at HK$1 per share for a total of HK$11.25 million (RM4.55 million) cash, towards participating indirectly in the growth of the advertising markets in Hong Kong and China.

In a statement yesterday, Jobstreet said it had signed a subscription and share swap agreement to subscribe for the stake and the transfer of 2,000 shares of US$1 each in Recruit Group Ltd (RGL) to RHL or its nominee.

Jobstreet acquired the RGL stake on Feb 15, 2007 for RM6.89 million, with a carrying book value of RM7.62 million.

It said Hong Kong Main Board-listed RHL was an established leader in the print recruitment advertising business for the Hong Kong market with its Recruit magazine which is published twice a week.

In addition, RHL is also the exclusive advertising market consultant and production services provider for major inflight magazines and newspapers of two airlines, namely China Eastern Airlines and China Southern Airlines. Jobstreet said RHL had also built its brand as a reliable book printer for overseas publishers.

For the financial year ended Dec 31, 2007, RHL registered an audited net profit of HK$57.9 million and net assets of about HK$209.4 million. RHL owns 75.5% of RGL, which posted a net profit of HK$18.5 million for FY07.

RGL group provides advertising services, primarily job advertising services and education/training advertising services in Hong Kong.

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