PETALING JAYA: Star Media Group Bhd (SMG) has disposed of iBilik, the group’s rental classified online portal, to the largest accommodation provider in Malaysia, GFG Group, as part of its strategy to optimise its business portfolio.
The move follows a strategic decision by SMG’s management team to focus on its core online portals that would optimise the value of its assets amid the ongoing digital transformation of the media group.
SMG has recently signed a sales and purchase agreement with GFG Group for the sale of its assets under iBilik Sdn Bhd, which is fully owned by SMG.
The disposal of the assets included the information technology infrastructure involving iBilik, its trademark, website domain and the iBilik app.
Meanwhile, GFG Group chief executive officer Ken Lee said the rationale behind acquiring iBilik was to create and expand a better marketplace in the sublet industry.