Catcha Digital completes acquisition of iMedia Asia 

KUALA LUMPUR, March 7 (Bernama) -- Catcha Digital Bhd has completed its acquisition of the entire equity interest in iMedia Asia Sdn Bhd for RM43.92 million in cash and shares. 

Catcha Digital now owns a fast-growing integrated digital media solutions provider, with an extensive portfolio of digital marketing platforms, reaching 12.7 million Malaysians in June 2022 and services over 100 brands spanning various industries.

In a filing with Bursa Malaysia, the company said upon the completion of the regularisation plan, Catcha Digital would have its Guidance Note 2 (GN2) status lifted. 

“Catcha Digital will continue to execute our strategic plans and explore new opportunities that will drive our growth in the digital and technology industry in Southeast Asia,” it said. 

The final step of the regularisation plan involves a proposed rights issue which may raise up to RM41.04 million, it said.  

Catcha Digital has secured an undertaking from its major shareholder Catcha Group to subscribe for a minimum of RM18 million in the proposed rights issue.

Meanwhile, its chairman Patrick YKin Grove believes the integration of the vast reach and capabilities of iMedia would accelerate Catcha Digital to be at the forefront of the digital media arena in Malaysia and then Southeast Asia. 

“The tremendous growth in profit over the last financial year shows that the team and strategy are executing the strategic plan exceptionally well,” he said in a filing with Bursa Malaysia. 

For the record, iMedia Group recorded a profit before tax of RM6.07 million in the financial year 2021 and the group expects to achieve better profitability for financial year 2022, said the statement. 

-- BERNAMA