Malaysia-based Frontier Digital Ventures (FDV) has appointed Royal Bank of Canada as its financial adviser for the strategic review aimed at maximizing shareholder value as the FDV believes its current market valuation doesn’t reflect the combined value of its three operating regions.

The financial adviser’s appointment was announced late last week in addition to assigning Vesparum Capital an independent capital markets advisory role and hiring Herbert Smith Freehills as Australian legal adviser for the review.

FDV previously said the review “may include a change of control transaction or other liquidity event.”

ASX-listed FDV has a current market capitalization of A$151 million (approximately $94.6 million U.S.), while one of its operating regions, 360 LatAm — which is in the limelight of strategic review — accounted for 66% of the group’s total revenue of A$83.4 million during the last twelve months period, according to latest financial reporting.

When FDV was listed in 2016, almost two thirds of A$4.3 million revenue came from business in Asia and 36% was from 360 LatAm, according to the marketplace operator.

This review “will investigate options to unlock and maximize shareholder value, with a focus on 360 LatAm,” FDV noted in the hiring announcement.

FDV’s two other divisions include MENA Marketplaces Group and FDV Asia. – AIM Group