REV-ving up formation of Kuala Lumpur Internet City
Company’s potential to expand within digital space is massive, says director
REV Asia Bhd is set to play a significant part in the formation of Kuala Lumpur Internet City (KLIC), the premier digital hub of the first Digital Free Trade Zone (DTFZ) in Malaysia as well as the world.
REV Asia director Patrick Grove, who is also group chief executive of Catcha Group, said REV’s role in KLIC was still very much in discussion, but it will be “a most important role”.
“As you know, Catcha Group was appointed the master developer for KLIC in DTFZ. As one of the co-founders of REV Asia, it is only natural that REV would also have an important role in it,” said Grove.
He is very positive of Malaysia and Southeast Asia’s potentials to grow within the tech space.
“We are right in the midst of the Fourth Industrial Revolution and Malaysia, as well as the rest of Asean, is very much primed to take advantage of this,” he said after REV Asia’s extraordinary general meeting (EGM), here, yesterday.
“Data has shown that as a region, Southeast Asia has the highest smartphone penetration rate. In fact, smartphone users who are constantly connected online in this region are more than in Europe.
“Therefore, the opportunity to expand within the digital space is massive.”
Grove, alongside fellow board members Datuk Larry Gan Nyap Liou and Mah Yong Sun, made the team behind one of Malaysia’s most successful tech exit stories.
The team in 2015 sold Catcha Group’s subsidiary iProperty to Australian-based REA Group for a A$751 million (RM2.3 billion).
Within the tech space, Catcha is also known for Internet TV service, iflix, which has to date successfully raised US$165 million (RM728 million).
iflix has also managed to rope in big name partners such as film giant Metro-Goldwyn-Mayer and the United Kingdom broadcaster Sky.
REV Asia had in May entered a sale and purchase agreement with Media Prima Bhd for the disposal of its 70 per cent stake in Rev Asia Holdings Sdn Bhd (RAH) for RM73.5 million.
Upon completion of the acquisition, Media Prima will take full ownership of RAH’s five subsidiaries, namely Rev Digital Sdn Bhd, Rev Lifestyle Sdn Bhd, Rev Social Malaysia Sdn Bhd, Rev Social International Sdn Bhd and Rev Entertainment Sdn Bhd.
All five entities are principally involved in advertising, publication and Internet social media services.
The acquisition will see Media Prima’s audience reach up to 10.4 million, which will make it the third-largest digital media company in Malaysia after Google and Facebook, with an audience reach of 15.7 million and 14.1 million, respectively.