PropNex unit to acquire 70% stake in online marketplace Ovvy

Ovvy is an app-based online marketplace for household services.
Ovvy is an app-based online marketplace for household services.PHOTO: OVVYAPP/FACEBOOK

SINGAPORE (THE BUSINESS TIMES) - A wholly-owned subsidiary of real estate agency PropNex is set to acquire a 70-per-cent stake in online marketplace Ovvy for S$1 million, the mainboard-listed company said in an exchange filing on Monday.

The acquisition by PropNex Grandeur Homes expands the group's footprint in proptech, paving the way for it to offer more value-added real-estate services through an additional technology platform, PropNex said.

Ismail Gafoor, co-founder, executive chairman and chief executive of PropNex, said: "We believe that, with this acquisition, PropNex salespersons can provide more holistic support for their clients, landlords, tenants and home investors, especially on the after-service care and maintenance of their clients' investments."

Ovvy is an app-based online marketplace for household services, allowing consumers to post job offers, such as air-conditioning repair services. They can then receive offers from merchants and book and pay one most suited for their needs.

The app also allows merchants to advertise their services and use its digital booking system.

The acquisition is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2021, PropNex said.

PropNex shares fell 2.5 Singapore cents or 2.58 per cent on Monday to close at 9.45 Singapore cents.