PETALING JAYA: REV Asia Bhd intends to take full advantage of Malaysia's as well as Asean's robust digital space in order to expand its business further.
"We are right in the throes of the Fourth Industrial Revolution and Malaysia, as well as the rest of Asean is very much primed to take advantage of this," said
its board director, Patrick Grove following the conclusion REV Asia's extraordinary general meeting (EGM), here this morning.
“Data has shown that as a region, Southeast Asia has the highest smartphone penetration rate. In fact, we have more smartphone users who are constantly connected online here in this region more so than the entire of Europe.
"Therefore, the opportunity to expand within the digital space is massive,” said Grove, who is also the group chief executive officer of Catcha Group.
Grove noted REV Asia has identified the areas within tech that it wants to pursue but declined to comment elaborate.
“But what I can say that it will be linked to the Digital Free Trade Zone as that is where a lot of the opportunities lie.”
The company had in May this year entered into a sale and purchase agreement (SPA) with Media Prima Bhd’s digital unit, Media Prima Digital Sdn Bhd for the disposal of its 70 per cent stake in Rev Asia Holdings Sdn Bhd, for a total cash consideration of RM73.5 million.
“We are happy to say that the shareholders have unanimously agreed with the disposal today and we will be able to conclude the disposal within the next two to three months,” said Grove.
Media Prima will, upon completion of the acquisition, take full ownership of Rev Asia Holdings' five subsidiaries,
namely; Rev Digital Sdn Bhd, Rev Lifestyle Sdn Bhd, Rev Social Malaysia Sdn Bhd, Rev Social International Sdn Bhd and Rev Entertainment Sdn Bhd.
All five entities are principally involved in advertising, publication and Internet social media services.
The acquisition will see Media Prima Digital’s audience reach up to 10.4 million; which will make it the third largest digital media company in Malaysia after Google and Facebook, with an audience reach of 15.7 million and 14.1 million respectively.