KUALA LUMPUR (Nov 2): Rev Asia Bhd’s largest shareholder, Catcha Group Pte Ltd, has reduced its stake by another 4.5 million shares to 59.5 million shares or 44.2%.

This was amid work on a proposal to acquire a new core business.

According to a filing with Bursa, the Group is still in the midst of formulating its proposal to acquire a new core business and that any further development on the proposal will be announced.

The Group has about eight months to submit its proposal to Bursa Malaysia Securities Bhd for approval.

Recall that Rev Asia had sold its entire business to Media Prima Bhd for RM73.5 million and saw its share price surge by 30% after the Group declared a special dividend of 44 sen in August this year.

Catcha Group, the major shareholder of Rev Asia, will collaborate with Malaysia Digital Economy Corporation (MDEC) for the establishment of Kuala Lumpur Internet City (KLIC), which is expected to be the main hub of the Digital Free Trade Zone (DFTZ).

As of closing, Rev Asia was unchanged at 56.5 sen with about 2.5 million shares traded, giving it a market capitalization of RM76.1 million.