Carsome acquires 51% of used car dealer CarTimes in IPO push

USED car platform Carsome has acquired a 51 per cent stake in Singapore-based CarTimes Group, a used car dealer and parallel importer.

Sources said that the deal is half in cash and half in shares and believed to be worth around US$60 million. Regulatory filings show that on Mar 7, CarTimes' managing director Eddie Loo transferred 408,000 ordinary shares in the company to the entity Carsome Group. Loo still owns the remaining 49 per cent of CarTimes.

The Business Times has reached out to Carsome and CarTimes for comment.