Music streaming group Guvera is restructuring its operations, with two subsidiaries in voluntary administration less than two weeks after its proposed float was rejected by the Australian market operator.
Guvera launched a strategic review of its business shortly after the Australian Securities Exchange rejected the group's proposed $100 million initial public offering on June 17.
"A key outcome of this review is that Guvera must restructure its operations in order to optimally positive Guvera to achieve its future strategic objectives," Guvera said in a statement.
Guvera has appointed Deloitte to lead the international restructure.
The company intends to continue to operate in its home market of Australia and will focus on India, Indonesia and the United Arab Emirates in the short term.
Over time, Guvera plans to look at opportunities in the Philippines and Vietnam.
