Malaysian job board JobStreet Corp Bhd (JOBST: MK) was yesterday given shareholders’ approval to sell its online job portal business. The only remaining hurdle in the sale is regulatory approval, reports The Sun Daily.

The voting at JobStreet's EGM was conducted by way of poll and saw the resolution duly passed by the shareholders with no opposition.

JobStreet is selling off its entire online employment business in Malaysia, Singapore, the Philippines, Indonesia, and Vietnam, to Australia's SEEK Asia Ltd (SEK: AU) for MYR 1.73 billion (USD 536.5 million). The deal is expected to be completed by the third quarter of 2014.

Earlier this month, SEEK’s offer for the job board was deemed ‘fair’ and ‘reasonable’ by independent advisor Aminvestment Bank.

On Monday however, JobStreet advised that the Competition Commission of Singapore (CCS) has advised that it is further investigating the competitive impact of business disposals in Singapore and is entering into a Phase 2 review.