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FRONTIER DIGITAL VENTURES LIMITED — Capital/Financing Update 2016
Sep 29, 2016
64907_rns_2016-09-29_c8cd263e-ff37-4963-ad84-74fe4f3f9043.pdf
Capital/Financing Update
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ASX Code: FDV
30 September 2016
FDV increases stake in #1 online auto site in Morocco
Frontier Digital Ventures (“FDV”), a leading operator of online classifieds businesses in frontier markets across the globe, today announced that it would increase its equity shareholding in the number 1 online automotive website in Morocco, ‘moteur.ma’, as foreshadowed in the recent prospectus upon listing.
FDV’s current equity shareholding in moteur.ma is 32% and will increase to 49%. This will be achieved by FDV exercising its call option in moteur.ma as well as acquiring vendor shares. The Call Option funding will be deployed to further accelerate moteur.ma’s leadership in Morocco. Payment for the Call Option and acquiring vendor shares will be made during the month of October.
Frontier’s strategy is to partner with local entrepreneurs running market leading online classifieds businesses in frontier markets, and apply its management and operating expertise, and financial resources to accelerate the growth and leadership position of each Operating Company. As each business grows, Frontier will look to increase its equity stake as each business matures.
FDV’s Chief Executive Officer, Shaun Di Gregorio said: “Our goal is to be the leading operator of online classifieds businesses in select frontier markets across the globe. We are currently partnered with 15 Operating Companies, which are growing at a rapid rate. This investment in ‘moteur.ma’, the number 1 automotive site in Morocco, will see us increase our equity shareholding in the business while at the same time provided ‘moteur.ma’ with new funding to further accelerate it’s market leadership”
Di Gregorio added: “Moteur.ma is exceeding our Key Performance Indicators for growth in advertisers, increasing number of consumers visiting the website each month, and leads being generated from consumers to advertisers”
Total consideration to be paid by FDV for the Call Options and vendor shares is US$330,000.
| Operating company | Call option USD | Vendor shares USD | Total Payable USD | New holding |
|---|---|---|---|---|
| Moteur.ma | 250,000 | 80,000 | 330,000 | 49% |
Frontier Digital Ventures Ltd 39-8 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia Tel: +60 3 2201 0790 www.frontierdv.com
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ASX Code: FDV
About Motueur.ma:
Founded in 2009, Moteur.ma is the leading automotive portal in Morocco, a market of approximately 33 million people. In August of 2016, Moteur.ma site received a record 764,000* site visits from Moroccan car buyers, viewing advertisements from over 2,870 car dealers and agents. The business will to continue to invest in core operations and the growth of key metrics in 2016.
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*Google Analytics August 2016
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Ends
For more information, please contact:
Shaun Di Gregorio
Chief Executive Officer Tel: +60 17 207 6221 Email: [email protected]
Mark Licciardo
Company Secretary Tel: +613 8689 9997 Email: [email protected]
Frontier Digital Ventures Ltd 39-8 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia Tel: +60 3 2201 0790 www.frontierdv.com
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ASX Code: FDV
About Frontier Digital Ventures Limited (www.frontierdv.com)
Frontier Digital Ventures is a leading operator of online classifieds businesses in underdeveloped, emerging countries or regions. With an amazing track record in building and supporting great companies, Frontier Digital Ventures are experts in the online classifieds space with a particular focus on property and automotive verticals and general classifieds websites. Its portfolio currently consists of 15 market leading companies, operating businesses across 19 markets. With the extensive support offered to the local operating companies, coupled with their own energy and work ethic, Frontier Digital Ventures is bringing outstanding companies of global significance to their full potential and setting a new global standard of excellence in the field.
Frontier Digital Ventures Limited Network of Websites
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Frontier Digital Ventures Ltd 39-8 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia Tel: +60 3 2201 0790 www.frontierdv.com