Seek Purchased 30% stake in Brasil Online Holdings

Another development for substantial investor of JobStreet.com -- Seek .

This is quoted from Sydney Morning Herald .

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THE online job ad publisher Seek has bought 30 per cent of Brasil Online Holdings, owner of two Brazilian employment websites, Catho Online and Manager Online.

Seek will invest $US67 million ($85 million) in the company, funded from a $US200 million syndicated loan. Seek also will take a seat on Brasil's board.

Seek's chief executive, Andrew Bassat, said the business had been looking for opportunities to expand internationally, following an investment in China.

On Wednesday it revealed it had invested in the South-East Asian job website JobStreet Corporation Berhad for 55 million ringgit ($19 million).

"This means that our international investments are now a substantial part of our business and hopefully a key driver of growth," Mr Bassat said yesterday.

Seek's director of corporate strategy, Jason Lenga, said job seekers in Brazil paid to use employment websites.

"Employer-paid advertising [is] in the early stages of development and will provide substantial upside in the longer term," he said.

Consolidated Press Holdings will invest alongside Seek and hold 5 per cent of the company.




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