Australia-listed Frontier Digital Ventures (ASX:FDV) diclosed that it has raised its ownership of Sri Lanka’s top property portal, LankaPropertyWeb, to 48 percent from 37 percent.
In a disclosure to the Australian Securities Exchange, Frontier Digital Ventures said it has exercised its option to increase its ownership of the Sri Lankan property portal by 10.5 pecent for US$200,000.
“The option is being exercised as a result of LankaPropertyWeb’s superior operational execution in 2016, which has established it as the clear market leader ahead of Lamudi and ikman.lk,” Frontier said.
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Frontier Digital’s CEO and Founder Shaun Di Gregorio said LankaPropertyWEb continued to perform strongly for Frontier following its initial investment in August 2015.
“Importantly, LankaPropertyWeb has successfully reached the number 1 position in the country while investing heavily into its online classifieds v2.0 model. The investment also highlights the value of the call options we hold in several of our portfolio companies,” Di Gregorio added.
Frontier Digital Ventures is an operator of online classifieds businesses in underdeveloped, emerging countries or regions.
At the ASX, Frontier Digital’s stock dropped 2.08 pecent to trade at 0.470 a share.
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LankaPropertyWeb, established in 2007, is Sri Lanka’s mostly visited property website and has the largest number of Sri Lankan property ads listed than any other site on the Internet. – BusinessNewsAsia.com