Malaysian job board JobStreet Corp, which is still exploring potential new businesses following the disposal of its recruitment business assets, is mulling the acquisition of new businesses within Southeast Asia over the next two years, reports thesundaily.my.

The company is selling its online recruitment businesses in Malaysia, Singapore, the Philippines, Indonesia, and Vietnam to SEEK Asia (a subsidiary of Australian job board SEEK) for a total considerations of MYR 1.73 billion (USD 476.9 million).

The transition of activities is expected to be completed by November 2015.

Mark Chang Mun Kee, JobStreet CEO, told reports: “We will continue to study the market for the next two years, to learn what are the industries and the companies that will make sense to us. Hopefully, when the time comes, we will know who we want to partner with and invest with in the future.”

“Right now we have big cash, but we want to wait for the right time for us to acquire and to partner with some companies because I think the current market is relatively expensive,” he added.

Mr Change said that the company does not currently have a specific company or target in mind and does not expect to complete any deals soon. He also said that the company is not restricting itself to one sector but will explore other options as well.

“[The acquisition] would be in the region, as we want to look at businesses that can help expand within the Southeast Asia region. Maybe we can take one company in Malaysia and help them expand in Indonesia and the Philippines. Or take a company in [the] Philippines and help them expand in Malaysia and Singapore. Things like that.”

“This is because, previously, our skill set is very much on the regional business, so that is what we want to look into,” he added.