Dallas, Texas 01/07/2014 (FINANCIALSTRENDS) – Monster Worldwide, Inc. (NYSE:MWW), the $785 million market capped holding company which is into providing online staffing and employment solutions to individuals and corporate alike has its operations spread across 55 countries worldwide. It has a huge online media presence, which it actively leverages to generate regular revenue by opening up its platform to paying investors. In the past few quarters, the firm has been seen to be recasting its operations and has attempted to generate cash by monetizing some of its current holding.
This re structuring was in the form of Monster Worldwide, Inc. (NYSE:MWW) completing the sale of 49.9 percent stake from its wholly owned subsidiary JobKorea. JobKorea is one of the premier job portals in South Korea. As proceeds from this sale, the job portal netted close to $90 million. The job portal provider has committed to using major part of the proceeds to reward its share holders by going in for a major share repurchase program.
The purchaser was a company called H&Q Korea which is one of the leading equity players in Korea. The deal completion was announced just before the Christmas break. The New York based firm will continue to hold management control of the firm and hopes to lean on the extensive network the equity player has built over the years in the Asia Pacific region to generate more profits from this growing market.
Commenting about the transaction, Monster Worldwide, Inc. (NYSE:MWW) Chairman, President and CEO Sal Iannuzzi has been quoted as saying, “This transaction continues to serve as an example of the underlying value of the global Monster enterprise. We look forward to partnering with H&Q Korea to grow the business in Korea and explore potential opportunities together throughout the region.” The stock was trading at $6.95 per share when trading was suspended for the day yesterday.