Jobstreet continues Regional Expansion into Bangladesh with new joint venture

JobStreet Corporation Berhad, a online recruitment company in Asia listed on the Mesdaq market of Bursa Malaysia, announces that it has signed a Heads of Agreement with Daffodil Computers Ltd. (ìDaffodilî) to establish a joint venture company to bring JobStreetís services to Bangladesh. Under the terms of the joint venture, subject to regulatory approvals, JobStreet will own 60% and Daffodil will own 40% of the new entity. JobStreet will merge Daffodilís JobsBD website, one of the top jobsites in Bangladesh with its proprietary system and operate under the brand, JobStreet Bangladesh.

This investment into Bangladesh further strengthens JobStreetís regional expansion plans, in line with the Groupís focus on the growing e-recruitment opportunity throughout South-East and South Asia. Through this partnership, Daffodil, a publicly listed company in Bangladesh, will benefit from JobStreetís proprietary market-leading technology, regional coverage and extensive Internet experience.

Commenting on the acquisition, Mark Chang, CEO of JobStreet says, ìWe have an established regional presence in Malaysia, Singapore, Philippines and India and recently launched our Indonesian operations. Entering a country like Bangladesh, with a population of 136 million people, is part of our strategy to further leverage our economies of scale, tap into the increasing demand for human capital regionally and benefit from the growing Internet penetration throughout the region. The Internet penetration rate in Bangladesh currently stands at only 0.2%, but this has jumped 200% since 2000. With the opportunity to enter the Bangladesh market through a strong partner like Daffodil, JobStreet Bangladesh will be able to reach out to more jobseekers and provide them with increased opportunities for career advancement.î

Md. Sabur Khan, Chairman of Daffodil says, ìA huge pool of graduates from Bangladesh prepare themselves to enter into the job market every year. Their skills are in demand both locally as well as internationally. Bangladesh also has a huge population which intends to work abroad. For both cases, a job portal can play a vital role as a bridge between job seekers and recruiters. Daffodil Computers Limited has been involved in the service for a long period and a joint venture between Daffodil and Jobstreet, will ensure effective contribution in the aforesaid service area.î

JobStreet Corporation Berhad, an MSC-status company listed on Bursa Malaysia, operates the JobStreet.com online recruitment websites covering the employment markets in India, Malaysia, Singapore, Philippines and Indonesia. The Group currently services over 20,000 corporate customers and 3.0 million jobseekers.