Jobstreet mulls acquisition within next two years

KUALA LUMPUR: Local internet recruitment services provider JobStreet Corp Bhd, which is still exploring potential new businesses following its employment assets disposal, is planning to acquire new business within the Southeast Asia region over the next two years, depending on the market environment.
To recap, JobStreet is selling off its entire online employment business in Malaysia, Singapore, the Philippines, Indonesia and Vietnam, to Australia's SEEK Asia Ltd for RM1.73 billion.
The company is in the midst of transferring its business activities to SEEK Asia, which it expects to be completed in November 2015.
"We will continue to study the market for the next two years, to learn what are the industries and the companies that will make sense to us. Hopefully when the time comes we will know who we want to partner with and invest with in the future," Its CEO Mark Chang Mun Kee told reporters after the company's EGM here yesterday.
"Right now we have big cash, but we want to wait for the right time for us to acquire and to partner with some companies because I think the current market is relatively expensive," he added, noting it has RM136 million cash in hand currently.
According to its fourth quarter report for the financial year ended Dec 31, 2014, its total current assets stood at RM139.54 million, with zero borrowings.
Chang said the company has no potential candidate right now and is not expecting to complete any deal soon. He also noted that the company is not restricting itself into one sector but will explore other sectors as well.
"It (the acquisition) would be in the region as we want to look at businesses that we can help expand within the Southeast Asia region," Chang said.
"Maybe we can take one company in Malaysia and help them expand in Indonesia and the Philippines. Or take a company in Philippines and help them expand in Malaysia and Singapore. Things like that."
"This is because previously our skill set is very much on the regional business, so that is what we want to look into," he added.