Corporate: Frontier Digital Ventures is sinking another $5.2m into its South American property site
Link copied to
Two years since Frontier Digital Ventures (ASX:FDV) bought 31 per cent of Latin American property portal Infocasas, it’s topped up to 51 per cent.
Frontier paid $1.2m for 31 per cent of Infocasas back in September 2017. The deal included an option to move to 51 per cent and this week it has chosen to do so, paying $5.2m.
The money is being provided through a capital raise from an existing shareholder.
Infocasas shows property listings in Paraguay, Bolivia and Uruguay. Paraguay and Bolivia are economically challenged and while Uruguay is politically stable and a high-income country it has a small population of 3.5 million.
But the property portal recently launched in Peru which has a GDP larger than the three of them combined and a population of 32 million.
Frontier CEO Shaun Di Gregorio said Infocasas was a standout performer in the company’s portfolio.
The company’s portfolio of real estate and auto classified websites comprises more than a dozen companies.
These include Pakistan-focused Zameen, Phillipines-focused Hoppler and Angola-focused AngoCarro. Frontier says AngoCarro is the first auto classified site in that country.
FDV shares rose slightly at market open this morning, but have gained over 50 per cent this year.
Energy monitoring software provider BuildingIQ (ASX:BIQ) jumped as high as 30 per cent this morning after announcing a capital raise at a premium to its current share price. It raised about $1.1m at 1.8c per CHESS Depositary Interest (CDI). However the company’s share price is still below the heights it reached before its most recent quarterly when a low cash balance saw shareholders panic.