Agora investor requests share buyback

Agora's top institutional investor, BZ WBK Asset Management has asked the media group to use its funds for a share buyback, after acquisition plans raised concerns of a high price tag.

"Agora received the proposal for changes in the agenda for the shareholders' meeting and in accordance with its duty announced the proposed changes," said an Agora spokeswoman.

BZ WBK Asset Management holds 18.4 percent of Agora and asked the group to let shareholders vote on a share buyback at its annual meeting on June 20.

The company's shares fell as much as 12 percent after last week's announcement that Agora agreed to pay $54 million for an internet classifieds business whose revenue reached $8.5 million last year.

Source: Reuters