Shoply Limited (ASX:SHP) is likely to make an announcement to the market regarding a potential acquisition with the company going into a trading halt, effective until 17 February.
The company, which has online shopping and online advertising business, recently expanded into two new online retail platforms through the acquisition of domain names including ToyStore.com.au, SportingGoods.com.au and HomeAppliances.com.au. for a cash consideration of $20,000.
The domain acquisition will allow Shoply to tap into the $1.6 billion combined online toy and sporting goods market in Australia, which represents 11.7% of the $12.4 billion online shopping market in the Australia.
It had $0.89 million in cash balance at the end of the last quarter ended December 2013.
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