SINGAPORE CCS approve the deal.
About RM 2.62 capital repayment plus some other assets which worth 0.40
Hoo LA LA.
Those who have fatt tatt liao.
Acquirer of JobStreet gives three-year commitment on preserving competition in Singapore
Business & Markets 2014
Written by Charlotte Chong of theedgemalaysia.com
Thursday, 21 August 2014 21:26
KUALA LUMPUR: Australia-based Seek Ltd, which is acquiring the entire online recruitment businesses of JobStreet Corporation Bhd for RM1.73 billion, has given a three-year commitment to the Competition Commission of Singapore (CCS) on not entering in exclusive agreement with employer and recruiter customers to preserve competition in the market.
Seek’s acquisition of JobStreet’s businesses include the latter’s operations in Singapore.
In a statement, CCS said Seek would aim to keep barriers to entry and expansion low, and preserve competition in the market for online recruitment advertising services.
In other words, Seek would operate in the Singapore environment utilising more than one online recruitment advertising service platform, despite its plan to merge Jobstreet and another Southeast Asian online recruitment site, JobsDB, which is also majority-owned by the Australian group.
Additionally, Seek would be required to maintain current pricing of its services, capped at present day rate cards or current day negotiated prices, subject to Consumer Price Index variations.
“By capping pricing at current levels, the proposed commitments seek to address concerns identified by market participants during the Phase 1 and 2 reviews, that the closeness of competition between JobsDB Singapore and JobStreet Singapore is likely to cause prices to rise post-merger,” said CCS.
The term of the commitments will be for a period of three years from the date of completion of the proposed acquisition of the JobStreet’s businesses.