REA Senior Manager Joins IPGA

IPGA Ltd, the company behind the iproperty.com family of portals, has announced the appointment of Shaun Di Gregorio as its new CEO.

Di Gregorio previously held positions as head of Australian operations for REA Group and general manager of REA Group’s international business. Patrick Grove, IPGA’s executive chairman, says REA Group’s revenues grew from AUD$6 million to $167 million and the share price increased from $0.15 to $7.40 while Di Gregorio was working as a senior manager at the company.

“iProperty has established leading positions in Malaysia, Hong Kong and Singapore,” Grove says. “We believe that these markets are poised to replicate the tremendous growth experienced in the more mature Australian and UK markets. Shaun’s experience in rapid growth markets will be invaluable in driving the long term success of iProperty.”

“I am very excited about joining IPGA,” Di Gregorio added. “I believe the business has tremendous growth potential across its core Malaysian, Hong Kong and Singaporean markets.

Former IPGA CEO Kensuke Tsurumaru will remain with the company as chief operating officer.

Di Gregorio’s appointment follows the appointment of former REA Group CEO, Simon Baker, to IPGA’s board of directors in November 2009.

Classified Ad Ventures is the owner of propertyportalwatch.com, and also owns a stake in IPGA.

1. New Director and Chairman for IPGA

   IPGA Ltd, the company behind the iproperty.com family of portals, has announced a number of changes to the composition and structure of its Board of Directors. Non-Executive Director Simon Baker has been appointed Chairman of the Board. Former Executive Chairman Patrick Grove is moving to a Non-Executive role and assuming the title of Deputy Chairman. The Board has also elected a new Director, Luke Elliott, to join its ranks....

2. IPGA Reports Ad Revenue Growth

   IPGA Ltd, the company behind the iproperty.com family of portals, has announced revenues of AUD$4.05 million and a loss of $1.32 million from continuing operations for the full year 2009. IPGA operates portals in Singapore, Malaysia, and Hong Kong and has investments in India and the Philippines. According to the company, underlying the decrease in revenue was a 50.1 percent growth in its core online advertising revenue from $1.59 million to $2.39 million....

3. IPGA Exiting Taiwan

   IPGA Ltd, the company behind the iproperty.com family of portals operating in Singapore, Malaysia and Hong Kong, has announced it is ceasing its involvement in the Taiwan market. A statement from IPGA explains the company will not invest further funds into InfoPortal Tech Company International Ltd, which places the company into a form of voluntary administration. The assets of the company, including Taiwanese property portal vrhouse.com.tw, have been sold back to a party associated with the founder of the business. ...

4. Classified Ad Ventures Takes Stake in IPGA

   Classified Ad Ventures has subscribed to a placement of 5 million shares in IPGA Ltd, the owner of the iproperty.com family of websites which operate throughout Asia. ...

5. IPGA Delivers Strong Revenue Growth

   The Australian stock exchange listed IPGA has just announced A$4.3m in revenues and A$719k in losses for the 2008 calendar year. This is a significant growth over CY2007, in which the company delivered A$676k in revenues and a slight profit of A$23k. IPGA owns and operates seven portal sites throughout Asia, most operating under the iproperty brand. While on the surface these look like strong results, the company had an annual operating cash outflow of A$1.4m and now has cash reserves of around A$1.4m. What is the next year likely to look like for IPGA?...