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Australia's iSelect raises iMoney stake to 51.5%

Australia-based iSelect raised its shareholding in Malaysia-based Intelligent Money Sdn. Bhd., or iMoney, to 51.5% by purchasing US$4.15 million worth of shares from other iMoney shareholders.

ISelect raised its stake to 51.5% from 23.8%, it said Oct. 3. The company also plans to invest a further US$4 million in iMoney to speed up growth plans.

Following completion of the share purchases, iSelect will have the right to appoint three directors on iMoney's five-man board, including iSelect CEO Scott Wilson as chairman.