Media conglomerate Emtek has divested its stake in Singapore-based property e-commerce portal PropertyGuru, DealStreetAsia has reported, citing filings with Singapore’s Accounting and Corporate Regulatory Authority.
The news came in the wake of a S$300m ($220m) round last month featuring investment firm KKR’s Asian Fund III and private equity group TPG that consisted of primary and secondary transactions.
TPG Asia VI SPV GP is a new shareholder of PropertyGuru while existing investors Square Peg Capital and Vulpes Testudo Fund have reduced their stakes in the company, according to September filings seen by DealStreetAsia.
PropertyGuru operates a digital real estate offering covering Southeast Asian markets including Indonesia, Malaysia, Singapore, Thailand and Vietnam. Its products include property-focused sales software platform FastKey and mortgage marketplace PropertyGuru Finance.
The company was set to raise $257m in an initial public offering on the Australian Stock Exchange in early October 2019 before cancelling the plans later in the same month.
Emtek held a 15.5% stake in PropertyGuru after contributing to its $130m series C round in 2015, and had intended to sell some 18.2 million of its 40.7 million shares for roughly $55m in the company’s proposed initial public offering.
Adi Wardhana Sariaatmadja, Emtek’s president commissioner, has also departed from his board director role at PropertyGuru.
