Carsome Acquires Majority Stake in CarTimes Group

The acquisition will strengthen Carsome's foothold in the Singapore auto market


Teckwai Saw

22 Mar, 2022

Carsome Acquires Majority Stake in CarTimes Group | BEAMSTART News

Malaysia-based online used car platform, Carsome has acquired a 51% stake in Singapore-based used car dealer and parallel importer, CarTimes Group.

Established in 2001, CarTimes Group is an auto company that offers a full suite of auto solutions ranging from retail, rental, insurance, and workshop servicing.

Previous Highlights

Community Q&A

Key Takeaways from Acquisition

  • The acquisition came after Carsome's acquisition completion of iCar Asia.
  • Carsome aims to deepen its footprint in the Singapore auto market with this acquisition, and hopes to provide more options and transparency to customers together.
  • Moreover, the acquisition also reinforces Carsome's commitment to boost its ecosystem expansion.
  • According to a private source, the agreed acquisition deal is half in cash and half in shares, estimated at around US$60 million.
  • On 7 March, regulatory filings show that CarTimes' managing director, Eddie Loo transferred 408,000 ordinary shares of the company to the entity Carsome Group.
  • Currently, Loo still owns the remaining 49% stake of CarTimes Group.

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