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Shareholders OK sale of 3 buyMyplace subsidiaries

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Shareholders OK sale of 3 buyMyplace subsidiaries

Shareholders of Australia-listed online real estate services provider buyMyplace.com.au Ltd. approved, at a Dec. 21 extraordinary general meeting, the company's plan to sell its key subsidiaries to KM Custodians Pty. Ltd. for A$5 million in debt forgiveness and A$100,000 in cash.

Under the deal, announced in November, KM Custodians will acquire all of the seller's shares in BuyMyHome Pty. Ltd., BuyMyHome (Agency) Pty. Ltd. and BuyMyPlace Finance Pty. Ltd., all of which will be held under MyPlace Holdings, a newly incorporated private company, according to a release.

Shareholders of buyMyplace will retain ownership in the listed entity and in MyPlace Conveyancing Pty. Ltd., in which the company is assessing acquisition interest.

The company added that it is in discussions for the sale of the listed vehicle and expects to complete a transaction in early to mid-2019.