Media group Emtek has sold its shares in PropertyGuru roughly a year after the real estate technology provider pulled back from plans to go public.

Media conglomerate Emtek has divested its stake in Singapore-based property e-commerce portal PropertyGuru, DealStreetAsia has reported, citing filings with Singapore’s Accounting and Corporate Regulatory Authority.

The news came in the wake of a S$300m ($220m) round last month featuring investment firm KKR’s Asian Fund III and private equity group TPG that consisted of primary and secondary transactions.

TPG Asia VI SPV GP is a new shareholder of PropertyGuru while existing investors Square Peg Capital and Vulpes Testudo Fund have reduced their stakes in the company, according to September filings seen by DealStreetAsia.

PropertyGuru operates a digital real estate offering covering Southeast Asian markets including Indonesia, Malaysia, Singapore, Thailand and Vietnam. Its products include property-focused sales software platform FastKey and mortgage marketplace PropertyGuru Finance.

The company was set to raise $257m in an initial public offering on the Australian Stock Exchange in early October 2019 before cancelling the plans later in the same month.

Emtek held a 15.5% stake in PropertyGuru after contributing to its $130m series C round in 2015, and had intended to sell some 18.2 million of its 40.7 million shares for roughly $55m in the company’s proposed initial public offering.

Adi Wardhana Sariaatmadja, Emtek’s president commissioner, has also departed from his board director role at PropertyGuru.

Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.