KUALA LUMPUR (Sept 08): Rev Asia Bhd proposes to dispose of its 27.2% equity stake in iCar Asia, a car classifieds and content website developer, at a price to be determined later.

In a filing with Bursa Malaysia today, the digital media group announced that it proposes to sell up to 52.5 million shares in iCar Asia, which is listed on the Australian Securities Exchange (ASX).

Based on iCar Asia's close of A$1.425 on ASX today, the block of shares held by Rev Asia is worth A$74.8 million (RM221.9 million), compared with Rev Asia's market capitalisation of RM144.1 million on Bursa Malaysia.

Prior to iCar Asia’s listing on ASX on Sep 11, 2012, RevAsia had entered into a restriction agreement on Aug 24, 2012, as required by the ASX, whereby the shares of iCar Asia held by RevAsia are to be held under escrow and shall not be traded by RevAsia for 24 months from the listing date.

The escrow period is due to expire on Sept 11,2014.

Rev Asia proposes to dispose its 27.2% stake, either though an open market disposal on the ASX or an off-market disposal to parties other than interested directors, major shareholders, or persons connected to them, or a combination of both.

Subsequent to the proposed disposal, it is envisioned that Rev Asia will no longer hold any equity interest in iCar Asia.

Rev Asia share price has marched from 62 sen in early January to a multi-year high of RM1.12. The stock closed at RM1.07 today.